Unemployment Rate Returns to Level Obama Inherited

Friday, October 05, 2012
Unemployment rate 1983-2012 (graph: Bureau of Labor Statistics)

According to the latest figures released by the Bureau of Labor Statistics, the U.S. unemployment rate for September dropped to 7.8%, the lowest it has been since January 2009, the month of Barack Obama’s presidential inauguration. This represents a 1.2% decrease since the same month a year ago. Coincidentally, this is the largest month-to-month annual drop since November 1984—the month that President Ronald Reagan won reelection.

-David Wallechinsky


anonymouse 5 years ago
The rate is a statistical chimera. It reflects not increasing employment (let alone increasing employment in job categories that pay something better than a living wage), but rather the increase in the number of people who've given up trying to find a job.

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