The unemployment rate officially dipped below 8% in September 2012, but you may not want to pop the cork on that champagne bottle just yet. If you look at the actual figures from the Bureau of Labor Statistics rather than just reading news reports, you'll see some troubling numbers.
The good news is that 114,000 jobs were added to the economy. The bad news is we lost 16,000 manufacturing jobs. The worse news is that of the 114,000 new jobs, 20% (i.e., 22,900) were new jobs in the federal government, and in education at the state and local level. Plus, query how many of those education jobs merely reflecting teachers returning to classrooms as they do every September.
Call me a pessimist, but I don't think we can grow our economy by continuing to lose manufacturing jobs and increasing government jobs.
The good news is that 114,000 jobs were added to the economy. The bad news is we lost 16,000 manufacturing jobs. The worse news is that of the 114,000 new jobs, 20% (i.e., 22,900) were new jobs in the federal government, and in education at the state and local level. Plus, query how many of those education jobs merely reflecting teachers returning to classrooms as they do every September.
Call me a pessimist, but I don't think we can grow our economy by continuing to lose manufacturing jobs and increasing government jobs.
You're right. The numbers are deceptive.
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