The unemployment rate has dipped below the double digit number of 10%. But, all is not necessarily well in America. Or is America heading into a great new expansion? The White House seems to be spinning all the numbers to look much better than they really are.
The unemployment rate is hard to gauge in the first place. At best it is an estimate or guesstimate. U3 is the number that is usually released, which is the percent of the labor force unemployed. The labor force are the key words here. This statistic does not count those who have given up searching for work nor those who are not fully employed (U6) but are only working part-time. The number of people who have given up looking for work are not part of this figure. There are also a great many people whose unemployment benefits have run out. There are millions not counted in this labor force survey. The signals are mixed and open to interpretation by the pundits.
Odd Numbers Indeed – Government Work For All
This has to be one of the few times when the unemployment figures went down but the economy continued to bleed jobs. The computation of these figures changed under President Clinton, which allowed more of the unemployed, not to be counted. This made the economy look better. In these times, one can be sure the numbers are being manipulated secretly. The only real job gains are for those working for the government. Picture these figures. While government jobs have increased to well over 100,000 since the beginning of the Recession, private industry jobs have decreased by over 7 million. At this rate we will all soon be working for some branch of government. The economy supposedly lost 20,000 jobs in January. It is possible the new census jobs made up for this loss. Yes, we will all soon be working for the government.