8.3% ?

 

Friday, February 3, 2012 – 09:00 a.m.

Hooray! The U.S. unemployment rate fell to 8.3% in January, with the economy adding 243,000 jobs.

But it took a lot of gaming of the numbers to get there.

For each of the past several months the Bureau of Labor Statistics has been shrinking the active workforce.

In essence the real unemployment rate hasn’t really improved.

The labor force participation rate fell to a 30-year low of 63.7%.

The January rate is a nice campaign sound bite for President Barack Obama, but nothing more.