The U.S. jobless rate was flat at 9.6% in October, but the government’s broader measure of unemployment dropped slightly to 17%, possibly due to long-term unemployed dropping out of the labor force….
The comprehensive gauge of labor underutilization, known as the “U-6″ for its data classification by the Labor Department, accounts for people who have stopped looking for work or who can’t find full-time jobs….
The drop in the size of the labor force is likely an indication that many discouraged workers are just giving up. The labor force is only about 50,000 higher than it was in October 2009, but the population of working-age Americans who aren’t in the military or an institution, such as a prison or home for the aged, has increased by nearly two million people over that time.
There’s a way out — and back to high levels of employment so necessary for prosperity and well-being — a shift away from government spending and taxation toward fewer burdens and lower taxes for private businesses.