Am I the only one who remembers when 5.5% unemployment was generally regarded as a good thing?
The unemployment rate dropped to 5.5%, and it is spun as bad news…
by John Cole| 3 Comments
This post is in: Politics
Am I the only one who remembers when 5.5% unemployment was generally regarded as a good thing?
The unemployment rate dropped to 5.5%, and it is spun as bad news…
Comments are closed.
norbizness
You have enough people dropping out of the labor pool and part-time workers who wish to be full-time workers, and…
kelly
It was only 10 years ago that economists “agreed” that 6% unemployment was considered “full” employment. IOW, the US economy could not operate below 6% without causing huge inflation pressure. That is, too many working people making too much money chasing too few goods…
Whoops.
Interesting that the current unemployment rate is under the average 5.8% rate from Clinton’s “miracle” economy and somehow it’s all of a sudden bad.
Gee, it’s almost…oh, forget it.
Noel
CNN in ’96: “Economists didn’t expect June’s unemployment rate to be much different from May’s, which was an already-low 5.6 percent.”
They had a different standard for Dubya, though:
http://timblair.spleenville.com/archives/006086.php