Unemployment declines becuz 500,000 discouraged workers give up

[CMT]

While the unemployment rate declined from 6.4% to 6.2% in July the job picture remains "stubbornly sluggish and continues to frustrate people looking for work." Payrolls were cut for a sixth straight month, "suggesting businesses remain cautious and want to keep work forces lean."

Much of the decline was due to 470,000 "discouraged people who abandoned job searches because they believed no jobs were available."

consumer spending increased a modest 0.3% in July, but the "spending figure was slightly weaker" than what economists expected.

But do you think most yahoos out there will only hear that unemployment declined and jump to the conclusion that "happy days are here again."??

http://www.msnbc.com/news/946945.asp?0cm=c20

[demnan]

1. Not if those yahoos are out of work.

[truebrit71]

2. Any idea how they got that 470k number?

..I'm curious, is that the number of folks whose benefits ran out last month or is it from some other survey method??

No date the spin-meisters will be touting this as proof that tax-gifts to millionaires and corporations DO work....:eyes:

TB

[Romulus]

3. what does that mean?

Does it mean that they started bagging groceries or slinging java, therefore are no longer "unemployed"? Or did they really "give up" and jump off a bunch of bridges, or move to Canada or something? :shrug:

[Sal316]

4. I had CNN on this morning and...

...they were talking about this and the talking head asked why the market wasn't reacting favorably to this news. He got answered with basically the rate dropped because of people giving up on the search and a substantial number of people dropping off the rolls because their benefits were exhausted.

He seemed stunned.. lol! What an ass.

[whoYaCallinAlib]

5. The yahoos and goobers don't understand the difference

between an unemployment rate of 6.2% and one of 4.2%. Those are just "statistics" to them. It won't effect their vote one way or the other.

[sam sarrha]

6. Wake up! unemployment increases the CI A's drug trade. got to make

a living somehow..and they just busted the biggest cocaine cartel, so the government market will be the monopoly.

[baffie]

7. This kind of doublespeak is plain old LYING

"The jobless rate fell"???? Just because a bunch of people either gave or are no longer eligible for unemployment does not put them in the category of the employed. THEY ARE STILL JOBLESS!!!! So, to say "the jobless rate fell" is a COMPLETE LIE!!!!

[Gman]

8. Real unemployment is probably closer to 12% - 14%

I'm just guessing, but that seems about right.