Friday, February 3, 2012

8.3%? Seriously?

UPDATE at ZeroHedge:
Then add these people who the BLS is purposefully ignoring yet who most certainly are in dire need of labor and/or a job to the 12.758 million reported unemployed by the BLS and you get 17.776 million in real unemployed workers. What does this mean? That using just the BLS denominator in calculating the unemployed rate of 154.4 million, the real unemployment rate actually rose in January to 11.5%. Compare that with the BLS reported decline from 8.5% to 8.3%. It also means that the spread between the reported and implied unemployment rate just soared to a fresh 30 year high of 3.2%. And that is how with a calculator and just one minute of math, one strips away countless hours of BLS propaganda.  
Why is it that I don't believe that the unemployment number has dropped to 8.3%?
  Could it be that every time this number comes out, in a few days we'll see "revised"?
  Could it be that lots of people who've stopped looking aren't being counted anymore?
  Why is it I don't believe government numbers?
  Zerohedge:
Whopper of a NFP number, which prints at 243K, higher than the biggest forecast of 225K, on consensus expectations of 140K, the biggest jump since February 2009. The devil will certainly be in the revision details.
  In fact, small businesses weren't hiring.
  December messenger and delivery layoffs had to be figured in to the mix.
  So how does all that work, I wonder?
  In fact, it was reported on Zero Hedge a couple days ago that the real unemployment numbers are more like 11.4%:
It won't surprise anyone that as of December, the real implied unemployment rate was 11.4% (final chart) - basically where it has been ever since 2009 - and at 2.9% delta to reported, represents the widest divergence to reported data since the early 1980s. And because we know this will be the next question,extending this lunacy, America will officially have no unemployed, when the Labor Force Participation rate hits 58.5%, which should be just before the presidential election.
  Is there no one to trust in this government, Republican and Democrat? 
  You can fool some of the people.

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