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-- -- -- New jobs numbers just out this morning -- 151000 fewer Americans filed for jobless benefits last week total for the week first time filers 358000.
That brings us now to be -- because anyway.
John Barnes writes please explain to me how the US can lose more than 300000.
Jobs each week during January and only 250000.
And the unemployment rate goes down.
Point two two points.
Or two tenths of a point we should say Stephen Moore senior economics writer Wall Street Journal Stephen good morning to you.
I -- I wish I had and I scratch your -- I wish I -- every time sorted out we got watched in the last week this this -- -- been going viral on the Internet people wondering when admitted that they cooking the books at the Labor Department to make that unemployment numbers look better some to some extent they are bell.
The explanation for how you could actually have.
Fewer jobs but the unemployment rate fall.
Is because when they do this survey the way we come up with the unemployment number as they call people on the phone and they say.
Are you in the labor force are you looking for a job or are you -- -- If you say you're not looking for a job then you're not considered unemployed and what's happened bill.
Over the last -- you're so -- special last couple months is actually the labor force has been declining.
Because people are dropping out of the labor report.
So that explains a not my job wrote but it reduction and the unemployment ironies there we're just -- and on -- -- Well you know -- -- the phone service.
Well in -- the -- phone survey is pretty accurate the problem is bill.
What we look out at the Wall Street Journal and maybe the most important statistic is what we call the labor force participation rate and that is -- How many people who are of working age each month.
Are actually working in if you look at that statistic we've seen a steady decline in that over the last two or three years in -- Only about 64% of the people are working today where -- it used to be 66 or 67% now that may not seem like a big difference -- but that's the difference of about three million job.
While that's significant to your point also the length of unemployment is staggering this is what -- If you've been out of work for more than six months back in January 2000 on the number was two point 69 million Americans today.
It's almost double -- five point 51 million so if you lose your job it takes you a lot longer time to go back into the workforce to fine.
-- -- I think there are two factors here by the way I agree with you belt that is the most troubling statistic of all that people are out of work for so -- it's one thing to be out of work for three or four months it's that other to be out of work for two years.
And and you're right about that we've seen a big increase in the what we call the long term unemployed about 40% of people were unemployed have been out of work for more than six months spell and I do believe that this ties in.
With the whole unemployment insurance issue which congress is debating right now -- you know.
A lot of Republicans and I believe this to be true that when you -- -- people to stay unemployed.
They're not gonna start looking for a job and tell those unemployment benefits run out the statistics are very clear about this -- -- and remember we're giving people now 99 weeks of unemployment insurance checks and jobs get better.
Can you don't stay out out -- it -- that as somebody told me we've gone from terrible to awful and it feels great.
Yeah you don't write about that that number that you just cited that's a good number of the unemployment insurance number elbow.
Fell below the level we need to get out of -- unemployment rate also we might see another unemployment -- rate follow it robbery which would be great news like we we all want this job market to pick up.
But one last statistic now we're still five million jobs short of where we weren't 2007.
We got -- create a lot of jobs over the next few months to pick up.
Let's get after it's even more thank you Wall Street Journal to our viewers at home we got a question when -- answered.
I have heard foxnews.com.
Is the email also -- Twitter at Bill Hemmer composed a question form.
-- that sentence in the form of question.
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