Biden: “The unemployment rate is way down to 3.9%”

… that is, when you take the 2.3 million who left the work force out of the calculation.
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Today, let’s take a 3rd whack at Biden’s economic bravado.

True, the unemployment rate is down to 3.9%.

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And, that’s a big decline from the 14.7% unemployment rate during the most intense Covid lockdown period.

But, it’s still .4 percentage points higher than the 3.5% pre-Covid unemployment rate.

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And, the current unemployment rate is understated since about 2.3 million people have left the labor force … and aren’t counted in the unemployment rate calculation.

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Combining the current unemployment rate (3.9%) and the number of people who have left the workforce (2.3 million), current employment is only 149 million … about 3.6 million lower than pre-Covid employment.

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Bottom line: To stay grounded when the statistical shells start moving,  total employment  is the number to focus on …

One Response to “Biden: “The unemployment rate is way down to 3.9%””

  1. Los Says:

    How to lie with statistics 101. Can we overlay these numbers with other past recessions? The economic recovery is miraculous. Period. This is not thanks to just Biden, but to the many measures that were taken since the pandemic started. We are certainly ahead of most

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