Greensboro NC metro unemployment rate 9.7 percent and better?, Berkshire Hathaway owned News Record article, Labor force dropped .7 percent from 2012
“North Carolina’s unemployment rate fell for the fourth consecutive month in May to 8.8 percent, but the slight drop was largely due to a shrinking labor force rather than the creation of new jobs, economists said.”…Raleigh News Observer June 21, 2013
“The NC Labor Force Participation Rate plummeted 1.2 percent from Jan to June 2013.”...Citizen Wells
“the Times of the nineteenth of December had published the official forecasts of the output of various classes of consumption goods in the fourth quarter of 1983, which was also the sixth quarter of the Ninth Three-Year Plan. Today’s issue contained a statement of the actual output, from which it appeared that the forecasts were in every instance grossly wrong. Winston’s job was to rectify the original figures by making them agree with the later ones.”…George Orwell, “1984″
You are being lied to.
Before I chastise and correct the national media and the misleading ADP jobs report from yesterday and misleading BLS initial claims report from this morning, I am compelled to address the jobs reporting in NC first.
From the Greensboro News Record July 31, 2013.
“Area unemployment rate shows some improvement”
“The unemployment rate in the Greensboro-High Point metro area continued to improve steadily in June to 9.7 percent compared with 10.4 percent in June 2012, according to state figures.
But 0.7 percentage points is only a moderate improvement in the employment picture and not a dramatic step towards full recovery, said economist Andrew Brod, a senior research fellow at UNCG.
“Given how weak this recovery is, that’s great, but it’s sort of damning with faint praise,” Brod said.”
“Continuing claims for unemployment spiked 52 percent from 84,699 for the week ending June 29 to 128,739 for the week ending July 6.
The increase of 44,040 continuing claims is the largest in North Carolina in more than a decade, said David C. Ribar, an economics professor at UNCG.
The figure represents the number of people who have not dropped out of the system because they are still eligible for benefits or they haven’t found jobs.
But the spike had a simple explanation, said Larry Parker, a spokesman for the state division: Thousands of people who lost their benefits on July 1 continued to file for them out of habit.”
In fairness to the News Record, they did not paint a completely rosy picture.
And 9.7 % unemployment is nothing to shout about.
But the article stated that unemployment had dropped .7 percent from 2012.
What the article did not mention is the fact that the Labor Force Participation Rate in NC dropped .7 percent as well.
Look it up.