The unemployment rate held steady at 10 percent for the month of December – but only because more people dropped out of the workforce.
The U.S. Department of Labor reports the economy shed 85,000 jobs last month. But, had 661,000 people – discouraged by the downward economy – not given up looking for work, the jobless rate would have been 10.4 percent.
Throw in part-time workers who would prefer a full-time position but can’t find one, and the unemployment rate soars to 17.3 percent.
“The need for jobs in this country becomes clearer with each turn of the calendar month,” says IAM International President Tom Buffenbarger. “While the unemployment rate appears to be dropping, the truth is the only thing that’s really dropping is the confidence of the American people that they’ll soon get back to work.
“Millions of Americans are withering away while folks in Washington sit on their hands. What we need is less policy debate and more immediate action to stimulate the economy and create JOBS Now!”