Varney Reacts to New Jobs Report: 'Bottom Line Is America Is Not Working'
Stuart Varney reacted to the new Labor Department job figures this morning on America's Newsroom. Though the unemployment rate went down in December to 6.7%, economists are worried about the report's dismal number of 74,000 new jobs created.
That's the lowest number in three years and nearly 125,000 fewer jobs than expected.
Varney said not one analyst that he spoke with expected the number to come in that low.
The falling unemployment rate, meanwhile, is tied to 347,000 people dropping out of the workforce, no longer looking for work. Now, the labor participation rate stands at 62.8%, the lowest in 30 years.
"The bottom line here is that America is not working. If we had the same size labor force now as we had in 2007, the real unemployment rate would be eleven and a half percent," said Varney, explaining that "one in five men in America get out of bed and do not go to work."
Watch the full discussion above.