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February 3, 2012
Phony Balony Unemployment Rate (Updated)
Topics: Political News and commentariesWell, the job numbers are out and ... surprise, unemployment is down to 8.3%.
But is it really a surprise, and just how did the unemployment rate really get to 8.3%?
Short answer: It's no surprise at all. Team Obama wants the unemployment rate down by election day and the BLS is cooperating by having the people not in the labor force explode by an unprecedented record 1.2 million in one month!
... No, that's not a typo: 1.2 million people dropped out of the labor force in one month! So as the labor force increased from 153.9 million to 154.4 million, the non institutional population increased by 242.3 million meaning, those not in the labor force surged from 86.7 million to 87.9 million. Which means that the civilian labor force tumbled to a fresh 30 year low of 63.7% as the BLS is seriously planning on eliminating nearly half of the available labor pool from the unemployment calculation. ...The charts here show it all.
As Jim Geraghty points out, it's as though the Bureau of Labor and Statistics discovered a city of 1.5 million people that it had previously overlooked.
It's the same kind of dodgy data AJ Strata has pointed to for almost a year (see here, here, here and here).
As long as your labor force doesn't grow or or is shrinking, even anemic-to-modest job growth will cause the unemployment rate to drop, and the Obama BLS is clearly using every trick in the book to get the rate down for Barry.
Update: A Washington Times editorial notes:
A year ago, there were 99 million people either officially unemployed or otherwise not working, and the official unemployment rate was 9.1 percent. Now, unemployment reported by the government is down to 8.3 percent, but the number without jobs has topped 100 million. The disconnect between increasing joblessness in America and the rosy White House official statistics should be the subject of a congressional investigation. Something does not add up.
Posted by Hyscience at February 3, 2012 11:02 AM
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