The monthly jobs data for December released on Friday shows the unemployment rate rose to 7.8%. U.S. employers added 155,000 jobs.
However, the number “rising” is an interesting term — and one much of the media and the government isn’t using. That’s because the Labor Department on Friday revised November’s numbers from 7.7 percent to 7.8 percent. That means this month — after revisions — there was technically no rise or fall.
“[W]ho else is surprised that the rate is now rising with Obama reelected?” Zero Hedge asks. “The November unemployment rate was revised from 7.7% to 7.8%, just so headlines can proclaim the rate was unchanged.”
In November, it was originally reported that the rate fell from 7.9 to 7.7 percent. But the numbers came under scrutiny because so many had dropped out of the workforce. The labor participation rate remains the same for December.
This is a breaking story. Updates will be added.