The Mainstream, New York bred, big-business news media outlets were practically tripping over themselves to report that the unemployment rate had dropped “unexpectedly” to 9.0%. The fact that only 36,000 of an expected 140,000 jobs were added was glossed over.
How could an economy that must “Generate 246,600 Jobs A Month To Get To Pre-Depression Employment By End Of Obama Second Term” be seeing a reduction in the rate of employment when we aren’t creating anything close to the number of jobs a recovery would require? It’s rather simple – it isn’t.
Rick Santelli, a CNBC panelist slammed his colleagues when they tried to buff this terd.
“[W]e have overwhelming evidence the jobs market is disappointing, and all of you are trying to look for that one half of spaghetti in a 50 lb. spaghetti bowl. This is not great data,” Santelli claimed. “We know that the U6 probably gives you a better indication of the true unemployment rate …”
Of course his disagreeing comrades keep repeating that “it went down..” when referring to the rate, but the number is a highly-manipulated statistic. If we gain less than 25% of the jobs that we need to recover, and the unemployment rate goes down then the number is simply a lie. The real numbers are dug up by independent analysts and bloggers.
Tyler Durden did a one paragraph analysis of the labor force participation rate. This is a true ratio of the number of Americans working to the actual population.
..the labor force participation rate (as a percentage of the total civilian noninstitutional population) is now at a fresh 26 year low, the lowest since March 1984, and is the only reason why the unemployment rate dropped to 9% (labor force declined from 153,690 to 153,186). Those not in the Labor Force has increased from 83.9 million to 86.2 million, or 2.2 million in one year! As for the numerator in the fraction, the number of unemployed, it has plunged from 15 million to 13.9 million in two months!
So 2.2 million fewer jobs exist now than did a year ago? What happened to the 3 million jobs that would be created or saved or whatever by Obama’s Keynesian stimulus garbage? The real numbers speak for themselves.
Just imagine how bad this month’s report will be once they adjust it .. just before the next one comes out. Adjust this one down even further when we don’t care about that month anymore and then claim false gains in the following month. This is how they do it.