Washington this week inspired an honest discussion about the state of unemployment after President Barack Obama leaned on Congress to pass a bill that would have extended federal unemployment benefits. The plan is stuck in the Senate after Republicans and Democrats reached an impasse over how to fund the benefits.
But the debate sparked a discussion among media about the meaning behind the jobless rate, which continues its slow decline. The Huffington Post blogged Friday after the Bureau of Labor Statistics released its monthly jobless rate that the decreased jobless rate—from 7 percent in November to 6.7 percent last month—isn’t as exciting as it seems.
But why should we hold the high-fiving? According to HuffPost, the shrinking rate indicates another decline—the labor force. This isn’t news for some. The Carolina Ledger has been watching the shrinking labor force for some time. The 62.8 labor force participation rate has been on a steady decline since the recession hit in 2007.