Sunday, August 9, 2009

Only 9.4% unemployment?

"In another hopeful sign that the worst recession in generations is finally easing, the government estimated Friday that fewer jobs were lost in July than in any month in nearly a year. The unemployment rate, meanwhile, unexpectedly fell to 9.4% as nearly a half a million people dropped out of the labor market, the Labor Department reported."

The jobless rate dropped to "only" a "mere" 9.4% because 500,000 people were so frustrated that they stopped looking for work. They didn't get jobs, they just stopped looking.

Only in Washington, D.C. is this "good news".

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