Unemployment Smoke and Mirrors

I got my laugh this week over the President crowing about the unemployment rate dropping to 10% for November. First, he sold us a $787 billion 'economic stimulus package' that said unemployment wouldn't go over 8% if we spent that money.

The second reason I laugh is that November and December unemployment numbers are generally lower than any two months of the year, as retailers hire seasonal help for their holiday sales.

If you want a truer reflection of unemployment, check the numbers released the first week of February, when the seasonal workers are gone. My guess is you'll see 10.5% for January.