Almost ONE MILLION drop out of labor force, unemployment rises to 7.3%

Not a good month at all when you look at the big picture, according to Zero Hedge:

But more importantly, the number of people not in the labor force exploded by nearly 1 million, or 932,000 to be exact, in just the month of October, to a record 91.5 million Americans! This was the third highest monthly increase in people falling out of the labor force in US history.

That’s nearly 1/3rd of the entire American population. Talk about fundamental transformation:

WASHINGTON TIMES – The federal shutdown last month caused a small rise in the unemployment rate to 7.3 percent but it was a surprisingly good month to find jobs in the private sector, the Labor Department reported Friday morning.

Businesses created more than 204,000 jobs in areas from retail and manufacturing to offices, hotels and restaurants. The department also detected 60,000 more jobs that were created in September and August in revisions to its previous employment reports — a sign that the job market has been healthier than previously assumed.

The burst of job creation last month — nearly twice as much as what economists had expected — more than offset an estimated 12,000 in job losses in the federal government, which brought the total number of federal job eliminations due to budget cuts to 94,000 in the last year.

Don’t worry…nothing to see here. Everything is swell. It’s the Winter of Recovery!

Via: The Right Scoop

Continue Reading......