I hate to say it, but…
The U.S. economy added fewer jobs than expected in November and the unemployment rate rose, dashing hopes that the recovery is gaining momentum.
Sure enough… Once everyone looked at the numbers and did the math, it was obvious things were no better today than they were three days ago when local officials here in our area said, “the local economy is on the uptick“.
The truth is, non-farm payrolls rose by 39,000 jobs even though private-sector employers actually added 50,000 jobs. The unemployment rate rose to 9.8%, the highest level since April.
And that my friends is how it works. When you remove people from the unemployment rolls and you remove people from the workplace, the numbers have to show it. Period.
Of course all of the so called “experts” will forget this in about 28 more days when they start talking about next months unemployment numbers.