March 5, 2011

RICK SANTELLI: DON’T GET TOO EXCITED ABOUT THAT JOBS REPORT: “Upon closer scrutiny though, there is another factor contributing to the drop that is not necessarily good news: The official size of the U.S. labor force is shrinking. . . . The government’s definition of the labor force is all individuals 16 years of age and older, who are employed or seeking employment. It does not include students; retirees; anyone with unreported income, or ‘discouraged’ workers. . . . The last time the participation rate was above 66 percent — the 10-year average — was in August 2008.”

Meanwhile, Gallup has unemployment rising to 10.3%. And Gallup doesn’t think the labor force is shrinking: “The percentage of part-time workers who want full-time work worsened considerably in February, increasing to 9.6% of the workforce from 9.1% at the end of January. A larger percentage of the U.S. workforce is working part time and wanting full-time work now than was the case a year ago (9.3%).”

Also: People won’t hire the long-term unemployed.

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