Unemployment Down, Lack of Jobs Up
One wonders whether the editorializing in this Projo report of unemployment numbers follows some sort of template, because it’s otherwise difficult to understand:
For the first time in nearly three years, Rhode Island’s unemployment rate dropped, to 12.9 percent in October, offering a faint but reassuring sign that the state’s economy may be on the road to improvement.
But in paragraph four:
And the state continues to bleed jobs, losing 1,100 more in October, a separate survey of employers shows. The work force also contracted, a potential signal that some of the most discouraged workers may have given up looking for work entirely.
How can it possibly be “reassuring” that the unemployment rate slightly decreased because thousands of people gave up their employment searches? Theoretically, unemployment could approach zero as the population admits utter economic ruin.