By JR on Monday, December 05, 2011
In "Unemployment Rate Dips to 8.6% as 487,000 Drop Out of Labor Force" I presented some quick facts on the drop in the unemployment rate.
In the last year, the civilian population rose by 1,726,000. Yet the labor force fell by 67,000. Those not in the labor force rose by 1,793,000.
In November, those "Not in Labor Force" rose by a whopping 487,000. If you are not in the labor force, you are not counted as unemployed. Were it not for people dropping out of the labor force, the unemployment rate would be well over 11%.