Friday, October 05, 2012

Fudging The Numbers - Unemployment Drops To 7.8 Percent...Thanks To Part Time Work

The unemployment rate for September dropped to 7.8 Percent, according to the Obama Labor Department. That's a change from what Reuters was predicting earlier this morning, an increase to 8.2 Percent.

Of course, the Obama Lapdog Media will be obasmic over these numbers and start the spin, but it doesn't tell the whole story, nor would I trust the Regime to give us the truth a month before the election (ZeroHedge).

We already noted the absolutely stunning surge in reported Household Survey jobs which "added" 873,000 jobs, or the most since 2003 and the second most in the past decade, which was just a little bit off the Household Survey used in the monthly NFP jobs changes, which came at 114,000, or about 8 times less. But what was the reason for this epic jump in Household survey jobs? Simple, and those who have read our series on America's transition to a part-time worker society know the answer. The reason is that the number of part-time people employed for economic reasons soared by 582,000 to 8,613,000, the most since October 2011, and the largest one month jump since February 2009, when "restoring" confidence in the economy was all the rage... and just before the Fed announced the full blown QE1 in March of 2009. Odd symmetry.

So putting it all together, what does this mean for the true state of the US economy? Recall back in September one of our Charts of the Day was the number of Unemployed and Underemployed for the month of August, which was 25.8 million. Readers may be surprised to learn that when putting it all together, in September this number increased to 26.2 million.

But I'm sure none of this will be reported by the unofficial Obama 2012 Campaign spokespersons--ABC, See BS, NBC, Washington ComPost, et al.  Because they're doing everything they can to get the unemployment number down below 7.2 Percent, which no President has been re-elected with unemployment over that number.

1 comment:

YJ Draiman said...

The numbers are fudged. The real unenployment rate is over 20%. You are not counting all the unemployed and the underemployed - part timers etc.
How about all the college graduates looking for work.
Just look over 47 million Americans are on food stamps.
There are many more foreclosures coming, there is a crisis coming in the commercial and industrial real estate market.
Food prices in the past 5 years have gone up an average of 50% while salaries and benefits went down.
In order to fix a problem, you have to admit to the problem and the extent of the proplem, otherwise you will never fix the problem and the situation will get much worse.
Why are we Americans leting our government misrepresent to us and continue to fool the public.
It is time for the public to wake-up and make it a "government by the people for the people" and not the special interests groups.

Politicians should not be able to buy their office based on money, but based on knowledge, performance and experience.

YJ Draiman