US labor force participation drops to lowest level since 1981. The unemployment rate is reported as falling because of this huge drop in people still seeking work yet the media will doubtless lead with the lower unemployment number brought about by Obama. Bloomberg (News, not the soda Czar) might disagree:
Employers may be reluctant to expand headcounts as they face a global economic slowdown and the so-called fiscal cliff of automatic tax increases and government spending cuts. The damage inflicted by the lack of progress on jobs is the reason Federal Reserve Chairman Ben S. Bernanke last week said the central bank may need to do more.
“This is definitely a setback for the labor market and the economy,” said Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. in New York and former economist for the Fed. “This clearly validates Bernanke’s concern. We haveEurope, the fiscal cliff, and it is a generally cautious business environment.”
I didn’t watch it, but I assume Mr. Obama demanded for more years of his ineptitude in his acceptance speech last night because of the fine job he’s done in the first four.