According to the vital ZeroHedge blog, over a half million people gave up looking for work this month and the Labor Force Participation Rate dropped to its lowest number since 1981 – 64.3%, a thirty year low. This is the number to watch and not the unemployment percentage. (Obviously, the stock market agrees because it is dropping today.)
If this decline continues, the situation could become catastrophic. The way back will not be easy. Be careful what you wish for, Mitt Romney.
Interesting question: Will the mainstream media report this accurately or will they continue to pretend some kind of “recovery” is in the air for the sake of Obama? If they do continue, what remains of their paltry reputations may be in tatters by November.