In a regular monthly exercise in statistical flim-flam, the Bureau of Labor Statistics has released the jobless numbers for November 2011.
The meaningless unemployment rate in the headlines: 8.6%, down a whopping 0.4% from last month. The real unemployment rate: 15.6% (includes people who no longer get unemployment benefits, need work but have stopped looking because it’s futile, or have only found part-time work). Some even put that real rate at 18.8. Learn more here.
120,000 new jobs were added in November, but 40,000 of those are low-paying retail jobs. 13 million American workers are without jobs, and most of the unemployed receive no benefit payments. Another 11 million Americans are working part-time but need full-time jobs.
“Don’t celebrate the jobs report just yet,” Robert Reich, Salon
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