Keep in mind that the 7.8% unemployment rate only takes into consideration people who are actively seeking work. Do the math and the real unemployment rate is around 14.7%. Then take into consideration the underemployed, college students getting an entry level position at a fast food restaurant or retail, etc… until they can find jobs in their area of study. Or the laid off engineer who had to get a job as a factory worker taking a huge pay cut. Then add in that many of the jobs added this time are temporary jobs for the holidays. When you do the math, unemployment and underemployment , the number is much larger than 7.8%.
Keep in mind that the 7.8% unemployment rate only takes into consideration people who are actively seeking work. Do the math and the real unemployment rate is around 14.7%. Then take into consideration the underemployed, college students getting an entry level position at a fast food restaurant or retail, etc… until they can find jobs in their area of study. Or the laid off engineer who had to get a job as a factory worker taking a huge pay cut. Then add in that many of the jobs added this time are temporary jobs for the holidays. When you do the math, unemployment and underemployment , the number is much larger than 7.8%.
http://blogs.wsj.com/economics/2012/10/05/why-did-the-unemployment-rate-drop-9/