Saturday, December 8, 2012
Hooray.While the media pants with exhilaration over a dip in the unemployment level that was created by over a half-million people giving up and dropping out of the workforce, a deep-dive into the employment numbers also reveals that itís mainly government workers benefitting from what meager job growth we are seeing. Over the last five months, 73% of all jobs created were government jobs. Moreover, the unemployment rate for government workers plunged to 3.8% in November ó which is considered full employment.
Even though deficits rule the day at every level of government, according to the Bureau of Labor Statistics, of the 847,000 new jobs created since June, a full 621,000 were government jobs. In November alone, 35,000 new government jobs were created.