What Happened The Last Time The Unemployment Rate Dropped This Much
from Zero Hedge
One of the biggest accomplishments of the president, in his own words, is managing to push the official (U-3) unemployment rate, from its post-Lehman high of 10% hit in October 2009 to only 6.6% as of January 2014 as Friday’s jobs report revealed. This rapid drop in unemployment – call it the “Obama Recovery” – caught none other than the Fed completely unaware, whose 6.5% unemployment rate tightening threshold is now in tatters, as it the credibility of the Fed’s forward guidance as the Fed will have no choice but to scrap all unemployment QE ending, rate hiking “thresholds” at its next FOMC meeting.
So what happened to the unemployment rate that it dropped so fast it surprised and embarrassed even the “venerable” Federal Reserve, which had initially expected a 6.5% unemployment rate some time in 2015. To get the answer we go back in time to the last (and only previous) time when the US unemployment rate dropped from roughly 10%, which was in June 1983, to 6.6%, which took place three and half years later, in December 1986 – let’s call it the “Reagan Recovery” in short.
Continue Reading at ZeroHedge.com…
Source: http://financialsurvivalnetwork.com/2014/02/what-happened-the-last-time-the-unemployment-rate-dropped-this-much/?utm_source=rss&utm_medium=rss&utm_campaign=what-happened-the-last-time-the-unemployment-rate-dropped-this-much
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