August 2, 2013
Unemployment rate drops ... Only because the civilian labor force continues to declineTopics:
The unemployment rate dropped today from 7.6% to 7.5% after 37,000 more Americans left the US workforce. The Burning Platform succinctly puts this in to its proper perspective by saying "the prior two months were revealed to be 10% weaker than originally reported by the BLS drones and these morons have the balls to report that the unemployment rate dropped from 7.6% to 7.4%."
So the title is worth repeating just to make it perfectly clear: The ONLY reason the unemployment rate has been dropping is because the civilian labor force has continued to decline ... simply put, more people than ever have simply given up trying to find a job and many if not most have decided to just live off the government dole. This clearly makes Barack Obama the worst jobs president (hat tip - Jim Hoft) since the Great Depression, hands down.
As Zero Hedge sums it up:
So much for the trends of beats: July nonfarm payrolls +162K missing expectations of 185K; June was revised lower to 188K and the unemployment rate dips from 7.5% to 7.4%. The rate dropped because the civilian labor force declined from 155,835 to 155,798 or 37K, driven by an increase of people not in labor force to 89,957 -- just shy of the all time high. This also means that the labor force participation rate once again ticked down to 63.4% from 63.5%.So, little wonder The Burning Platform calls this funny Friday, as it cuts to the chase on explaining how it is that the true number reflects an ongoing depression for people living in Realityville:
The number of working age Americans went up by 204,000 and somehow the number of Americans in the workforce DECLINED by 37,000. It seems that 240,000 Americans LEFT the workforce in one month. How could this possibly happen in an economy that is supposedly growing? Wages are falling. The work week is falling. The new jobs being added are part-time fry cook jobs. The percentage of people in the work force fell and hovers at 30 year lows. The true numbers reflect an ongoing Depression for the real people.Just another reason for saying welcome to Obama's Amerika:
Posted by Hyscience at August 2, 2013 9:58 AM
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