In the media, sourced from CNBC:
"A sharp increase in the number of people giving up looking for work helped to depress the jobless rate. The number of 'discouraged job seekers' rose to 1.1 million in January from 734,000 a year ago."
It is amazing how much people who should really know better, actually pay attention to this nonsense. This statement is akin to the bird is higher because it flies lower. The temperature is cooler since we have a 20 degree increase.
Regardless of the economic vernacular deemed appropriate here, people who stopped looking for work and don't have a job are unemployed. Period! They ADD to the jobless rate, they don't detract from it. This is beyond common sense and it truly perturbs me when traders simply take a nominal number from a headline based upon academic nonsense and further distort an already distorted market with it. Rant engine is now offline.