TROUBLING JOBS REPORT UNDERSCORES WEAKNESS OF ECONOMY’S “FUNDAMENTALS”
The U.S. Bureau of Labor Statistics (BLS) released its latest jobs data this week (.pdf here) … with the American economy posting a stated gain of 151,000 positions during the month of January. That figure was well below the 190,000-mark analysts were expecting – and even further below the 292,000 print posted in December (although that number was downgraded by 30,000 positions in the new report).
So … what’s the real scoop? What data within the data should we be paying attention to?
Well, let’s start with the labor participation rate – which measures the percentage of working age Americans who are participating in the work force. That number inched up from 62.6 to 62.7 percent – which means it is still hovering at near-four decade lows. If the labor force was the same size it was in 2007 – prior to the onset of the recent recession – America’s unemployment rate would be 9.6 percent, not 4.9 percent.
Big difference, right?
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1 comment:
Exactly. If you go on Gallup's website, on the right you see what the real unemployment numbers are as well as see that there has been a drop in good jobs! Meaning most of the jobs the Department of Labor is citing as growth is part-time, retail not professional or trade jobs. If you're a 16 year old looking to save up for your first car, the job market is fantastic. But if you're a person looking for employment that garners benefits and enough money for your family to survive, you're still in dire straits.
Once again, American Pravda loves to cite the numbers they're fed without going a tad bit deeper into them.
Voters, educated yourselves. Don't depend on a pro-political spin outlet to make your decisions for you. It's like Dorothy and the Wizard of Oz. Once you look beyond the curtain, it's just popcorn.
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