no comic friday

Sorry, no comic at the moment. I might post one later today or this evening. Instead I want to post a few links to some explanations of why the recent "drop" in unemployment is not a cause for celebration like most of the media is making it out to be.

One

Two

Three

In a nutshell, the unemployment rate "dropped" because, first, people ran out of unemployment benefits, even the extended and extra extended benefits, and, second, people reported that they have given up the job search and hence are no longer counted as unemployed.

Frighteningly, there are about 1.5 million more people set to lose even the extra extended benefits by the end of the year. So, if the reporting of unemployment continues as it has, expect the media to report a falling unemployment rate, and the end of the recession!, while more and more people lose unemployment benefits and still have no jobs . . .

--Abe