Why Skepticism of the Unemployment Number Wasn't Unfounded
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Last week, when it was reported that the national unemployment rate unexpectedly dropped from 8.1% to 7.8% with a notable uptick in hiring, many people simply couldn't believe it. Economists across the board were completely blindsided. None of them had predicted any significant change to the number - certainly nothing along the lines of a .3% decrease. There had been no surge in economic growth, and a mere month earlier, a drop in the workforce participation number was so staggering that journalist George Will categorized it as "depression-level."
Why Skepticism of the Unemployment Number Wasn't Unfounded
Why Skepticism of the Unemployment Number…
Why Skepticism of the Unemployment Number Wasn't Unfounded
Last week, when it was reported that the national unemployment rate unexpectedly dropped from 8.1% to 7.8% with a notable uptick in hiring, many people simply couldn't believe it. Economists across the board were completely blindsided. None of them had predicted any significant change to the number - certainly nothing along the lines of a .3% decrease. There had been no surge in economic growth, and a mere month earlier, a drop in the workforce participation number was so staggering that journalist George Will categorized it as "depression-level."