The gross manipulation of the unemployment rate due to the plunging labor force participation rate and the soaring, record number of people that are not in the labor force is by now, we hope, clear to all. Yes, millions may be dropping out of the labor force because they can't find a job which somehow means the US economy is getting better, but sadly the US civilian, non-institutional population keeps rising, and hit a record 246.7 million in December. Which is why every month we show what the real unemployment rate would look like when normalized for the fudged participation rate by taking a 30 year average.
Today, we find that the difference between the reported (6.7%) unemployment rate, and the implied using realistic assumptions for the US labor force, which remained at 11.5% where it has been ever since the start of the Second Great Depression, just hit a record high 4.8%. As did the spin, lies and obfuscation by the administration that "all is well."
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Was over in the UK for Holiday, and they don't bother to sugarcoat the economic news for the states, their figures say that the US is in actually a Depression worse than the one in the 20's-30's, and don't understand why citizens are not rioting or protesting for change in government.
ReplyDeleteI think there are some riots, but our local and national news media try to suppress what is really happening in this country. Now that the emergency unemployment compensation has ended, Let the hunger games begin!!!!
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