Obamanomics: Unemployment Rate Drops to 5.9% – But Labor Participation Rate at 36 Year Low
The US unemployment rate dropped to 5.9% in September.
The real unemployment rate is near 12% .
THe AP reported:
U.S. employers added 248,000 jobs in September, a burst of hiring that helped drive down the unemployment rate to 5.9 percent, the lowest since July 2008.
The Labor Department report Friday also showed that employers added a combined 69,000 more jobs in July and August than the government had previously estimated.
The unemployment rate fell from 6.1 percent in August and is now close to 5.5 percent, which many economists consider a healthy level. The lower rate, combined with the surge in hiring, could ratchet up pressure on the Federal Reserve to raise its benchmark interest rate earlier than expected. Most economists have predicted that the Fed would start raising rates in mid-2015.
The improved figures come after President Barack Obama touted his administration’s economic achievements in a speech Thursday.
Zero Hedge added: “So the next time Obama asks you if you are better off now than 6 years ago show him this chart of the employment to population ratio: it speaks volumes.”