Latest Prosperity Watch: Government job losses erase private sector job gains
As the latest issue of Prosperity Watch points out, September’s jobs report from the Division of Employment Security was hardly encouraging. Although the unemployment rate dropped to 9.6% from 9.7% in August, these minimal gains have yet to reclaim the ground since April, when the jobless rate stood at 9.4%.
Perhaps the major factor in this disappointing trend is the fact that government job losses almost completely wiped out the anemic employment gains in the private sector, once again reinforcing the point that you can’t reduce unemployment by increasing the number of unemployed people. See Prosperity Watch for more details.