Monday, February 27, 2006

4.7% is High Unemployment?

I saw this CNN article on the Best of the Web this morning, and I am still amazed at its idiocy.

Employers are having difficulty finding the right people to fill jobs despite high unemployment in Europe and the United States, a survey by U.S.-based staffing firm Manpower showed Tuesday.

Now Europe I can understand, the unemployment rates in France and Germany are around 10%, but the United States? Since when was 4.7% considered high unemployment? From 1971 to 1996, a period of 25 years, the US never had a single month when the unemployment was this low. Even during the 8 years of the Clinton Administration, which thanks to the dot com boom was considered one of the greatest job markets ever the average unemployment rate was 5.2%, half a point higher. I guess no matter the facts, the press will always report the economic news as bad.