Reported 146,000 jobs added, which 53, 000 were in retail sector (seasonal)-While 200-250k needed to just stay even with population growth. Well 350,000 folks dropped out of the job market, resulting in net loss 204,000.
Then there were the downward revisions for September and October. September numbers reduced to 132k from previously reported 148k, and October reduced to 138k from 171k.
Unemployment joke rate reported 7.7%.
The BLS report releases the highly publicized U-3 unemployment rate along with a lesser known rate called the U-6. There are, in fact, Another BLS report shows, for example, that the official U-6 unemployment rate for the state of Wisconsin is 13 percent. Nevada's U-6 rate is 21.4 percent, up from just 7.6 percent in 2007. Washington State is at 17.1 percent. Economically troubled California has a 19.6 percent real rate, while Rhode Island is at 18.3 percent, more than double its 8.3 percent rate in 2007. Only four states, Nebraska, North Dakota, South Dakota and Oklahoma have a U-6 rate that is under 10 percent.
The only solution to the economic downturn in the U.S. is to bring back or create well-paying jobs in the U.S. Even though seasonal retail jobs that pay less than $10 per hour make good headlines in reports, they are not the solution.