The Administration bragged about creating 321,000 new jobs during the month of November and that the unemployment rate is continuing to fall. This sounds good until we find out that during the last week of November, 297,000 people lost their jobs and collected unemployment for the first time. This was considered good news because it was less than the number of new claims filed during the prior week. When we look at the total month of November, the number of new claims was over 1,200,000.
Nearly four times as many people collected unemployment for the first time compared to the number of new jobs created. The net result is that nearly 900,000 fewer people are working in just one month. One has to wonder how numbers like this can support the claim that the unemployment rate is going down.