Obama and his flunkies want us to believe the economy is on the right track, chugging along, progressing well.
Unemployment allegedly fell in April, bringing it to the lowest it has been since 2008. Woo hoo!
There's no reason to celebrate.
WASHINGTON (CBSDC/AP) — Despite the unemployment rate plummeting, more than 92 million Americans remain out of the labor force.This isn't good news.
The unemployment rate dropped to 6.3 percent in April from 6.7 percent in March, the lowest it has been since September 2008 when it was 6.1 percent. The sharp drop, though, occurred because the number of people working or seeking work fell. The Bureau of Labor Statistics does not count people not looking for a job as unemployed.
The bureau noted that the civilian labor force dropped by 806,000 last month, following an increase of 503,000 in March.
The amount (not seasonally adjusted) of Americans not in the labor force in April rose to 92,594,000, almost 1 million more than the previous month. In March, 91,630,000 Americans were not in the labor force, which includes an aging population that is continuing to head into retirement.
...The fall in the unemployment rate was due mainly to the exodus of people who stopped looking for work.