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October 29, 2020NJ.com reports that the US Bureau of Labor Statistics data showed that the NJ unemployment rate dropped from 11.1% to 6.7% in September. This looks like good news, but unfortunately, it’s not.
Most people don’t realize that the unemployment rate only includes people who are out of work and who have been looking for a job over the last four weeks. If someone has not looked for a job in the last four weeks, they are not considered to be in the labor force. Thus, the unemployment rate actually excludes many of the long-term unemployed.
Here’s what the BLS said about NJ’s drop in unemployment: “The drop was due to workers leaving the labor force altogether and not gains in employment.” This is horrible news. These people are not only not employed, they aren’t even looking for a job.
In his slick, new New Direction TV ads (paid for by his public sector union pals), Gov. Murphy talks about leaving no one behind. But what about these people, governor? They are out of the labor force. Unlike your sweetheart, no-job-cuts deal with your public sector union pals, workers in the private sector are losing jobs and leaving the labor force.
In other words, they are being left behind.