Sure, Unemployment Went Down – Because More People Left The Workforce
The number of jobs increased by 164,000 in April. But the number of unemployed dropped by 239,000 between March and April.
That is why the employment-population ratio — the percentage of all people of working age (16 and up, including people who have stopped looking for work) that are employed — dropped from 60.4% to 60.3%. More people disappeared from the labor rolls
More desperate people working 2 or 3 jobs drops the unemployment rate, together with more people that are now homeless and/or who quit looking for work, does not make for a rosy economic picture.
Combine that with a huge increase in store closings, farmers going bankrupt, and deficit plus debt increasing rapidly…
What does all of that spell?