The One About the Unemployment Rate Dropping in Los Angeles
September 28th, 2012Via: CNN:
The unemployment rate has been falling lately in Los Angeles County, but not for the right reasons.
Last month, the jobless rate for the county fell to 11%, down from 12.4% a year earlier.
While that’s far higher than the 8.1% unemployment rate for the nation as a whole, it nevertheless seems to show progress for the City of Angels… right?
Wrong. In Los Angeles, the falling unemployment rate is slightly misleading, just as it has been for the country overall.
When surveyed by the government, fewer L.A. residents say they’re unemployed compared to a year ago. But it’s not because they’re finding jobs. It’s because they’re dropping out of the labor force altogether.
