In November 2012, 350,000 Americans dropped out of the work force. Here are some quotes from the media about this truly dismal situation:
- ABC – “The Labor Department’s report Friday offered a mixed picture of the economy.”
- Washington Post – “The November jobs report, released Friday morning, was a pleasant surprise to analysts who had braced for some ugly numbers for a period when much of the Northeast was reeling from the superstorm.”
- Forbes – “Growth in the nation’s labor market far exceeded forecasts last month, a possible signal that businesses are proving resilient through the disruption caused by Superstorm Sandy, the monster hurricane that punished the East Coast and disrupted that key artery of the economy, and the uncertain political situation.”
The labor force participation rate is at lows not seen for a generation. The unemployment rate drops due to the number of workers leaving the job market. The average unemployed person has been out of work for 40 weeks. And the media sees November as a remarkable success.