Bill Wilson, Americans for Limited Government:
122,000 fewer Americans had jobs in November than in October, yet the government reports that the unemployment rate declined to 7.7 percent. This simple fact is why the unemployment rate has become one of the least relevant economic statistics that the federal government releases. Instead of being a benchmark for the nation’s employment situation, it no longer is tied to the real employment situation. Anyone who continues to take it seriously as a meaningful measure of our nation’s economy is either fooling themselves or trying to fool others.
Table of figures is at Fewer Americans employed and the unemployment rate drops?