The Patriot Post® · Monday Opinion


https://patriotpost.us/articles/52256-monday-opinion-2017-11-06

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Opinion in Brief

Investor’s Business Daily: “The drop in the unemployment rate to 4.1%, while welcome news, has sparked more talk about how the economy is either very close to or already at ‘full employment.’ Not so fast. The latest numbers from the Bureau of Labor Statistics show that the economy created 261,000 jobs in October, and the unemployment rate is now lower than it’s been since December 2000. That’s good. But there’s a problem if these numbers are used to justify anti-growth policies at the Fed to prevent ‘overheating,’ or if they’re used to argue against tax cuts because they won’t have much of an impact on jobs. … The 0.1 percentage point decline in the unemployment rate in October was almost entirely the result of the fact that 968,000 dropped out of the labor force that month. That’s right, for every new job created, nearly four people left the labor force. The broader measure of unemployed — which combines those actively searching for a job with those working part time but want to work full time or are "marginally attached” to the labor force — show the jobless rate to be 7.9%. … There is clearly still a need for pro-growth policies to get millions of workers sitting on the sidelines back to work.“