Originally Posted by Paul Motter
I got news for you - a lot of people are saying it is because a record number of people dropped out of the job market last month.
And also 6.3 is still nothing to brag about - it's abysmal - the average in a decent economy is the low 3.0.
Can I remind you - it's been almost six years now.
3.0 unemployment is almost unheard of. The only time it was that low was 1953 when it was at 2.9.
Since 1980, the lowest annual unemployment was 4.6 in 2007. Otherwise it fluctuated from 4.6 to 10.4 since 1980.. Even at the end of the Reagan presidency it was at 5.7. During his administration the nation had some of it's highest unemployment. 10.4 in 1983. This had a lot to due with the previous Carter administration and Reagan did right the ship but it's hasn't been all roses for the past 40 years. 3.0 is a great goal but not one that is realistic or common in our economy.
US Unemployment Rate by Year