One of the most eagerly awaited news on the economy is the employment report but the Bureau of Labor Statistics. This report tells politicians and business whether new jobs are being created faster than jobs are being destroyed.
The unemployment rate is calculated by taking the number unemployed divided by the civilian labor force. The Economist reports this to be 5.5%. This is a movement from 5.0% and an increased of 851,000 more added to the unemployment rolls. The total number unemployed is nearly 8.5 million of the 10 million in the labor force. Unemployment among African-Americans and teenagers were higher than the general population. Some of the data was not seasonally adjusted. To be counted as unemployed, you must be actively seeking work. Those temporarily layed off are counted in the unemployment rate.
According to the latest statistics, there are eight and half million Americans who aren't working. And there are plenty more if you count the ones with jobs.
Did you hear about the economist who dove into his swimming pool and broke his neck? He forgot to seasonally adjust his pool.
Q. How many Keynesian economists does it take to change a light bulb?
A. All. Then you will generate employment, increase consumption, move aggregate demand to the right....
"No one would call me a quitter," said the man at the bar. "I always get fired."