The Labor Department’s jobs numbers for April are out, and - TopicsExpress

The Labor Department’s jobs numbers for April are out, and they’ve started to resemble the world’s longest-running and least funny “good news/bad news” joke. The good news: the US economy created 288,000 jobs in April. The bad news: we need to create a lot more than that to break even, since we’re still six million jobs shy of full employment. But, more good news: the unemployment rate plummeted from 6.7 to 6.3 percent. The bad news: that’s not because of the new jobs. It’s mostly thanks to about 806,000 Americans giving up trying to find jobs, so the government just stopped counting them as unemployed. When that way of calculating the jobless rate first became well-known, comedians joked that all the government had to do was convince everyone to give up trying to find a job. Then the unemployment rate would be zero. That’s another joke that’s not so funny anymore.

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