The following originally appeared in the Orange County Register on August 11, 2013
On the surface, July’s official decline in the unemployment rate appears to be positive news. Appearances can be deceptive. As Federal Reserve Chairman Ben Bernanke recently noted, the official unemployment rate “overstates the health of our labor markets” due to factors such as the labor force “participation rate” and “underemployment.” July’s numbers confirm his observations. The apparent good news: The Bureau of Labor Statistics reported a drop in the unemployment rate to …
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