Bloomberg reports Labor Department data that shows that we created only 120,000 jobs last month, whereas the unemployment rate dropped from 8.3 to 8.2%. A dropping unemployment rate is good news, right?
Wrong. It is bad news because larger numbers are leaving the workforce - retiring or giving up the search for work. Labor also reports people worked less hours and earned less per hour, not good news at all.
Fewer people working or looking for work cannot be good news, especially for those who are retired. The retired rely on those working to generate their support via Social Security, Medicare and other programs which are tax-funded.
