As Unemployment Rate Drops to 8.3%... 1.2Million Americans Fall From Labor Force
by: Les Carpenter Rational Nation USA Liberty -vs- Tyranny Everyone must now be near ecstatic given the great news that 243,000 jobs were added to the work force and the unemployment rate dropped to 8.3%. Huge kudos to the President and his wiz bang economic advisers! Of course many thanks to the MSM for carrying this positive news of the day... ...the rest of the story... 1.2 million drop out of the work force. IN ONE MONTH . Zero Hedge - A month ago, we joked when we said that for Obama to get the unemployment rate to negative by election time, all he has to do is to crush the labor force participation rate to about 55%. Looks like the good folks at the BLS heard us: it appears that the people not in the labor force exploded by an unprecedented record 1.2 million. No, that's not a typo: 1.2 million people dropped out of the labor force in one month! So as the labor force increased from 153.9 million to 154.4 million, the non institutional population increased by 242.3 m...