Friday, December 2, 2011

Unemployment Numbers - #3461 - Regime Manipulates Numbers to Get Unemployment Headline Under 9% - Rush Limbaugh (2) What's the Real Unemployment Rate? The Economic Populist (3) Alternate Unemployment Charts, Shadow Government Statistics

RUSH: I don't want to be an I told you so, but I told you so, and I told you so five weeks ago. Gallup, every week, puts out their own unemployment numbers and Gallup has been signaling that this day unemployment below 9% was coming. They've been blatantly saying so, based on their own unemployment data, which is not related to the Bureau of Labor Statistics reports. ............. Now, the truth of the matter is -- and Bloomberg News even points out that the only way -- it's a corrupt number. It is a corrupt number. Folks, the number of people who have quit looking for work in the last few weeks is 315,000. Those are the people have thrown up their hands after 99 weeks or more of being unemployed; and they've said, "I'm quitting. I'm not looking." So they're not counted. Therefore, the universe of jobs available in the country is down by 315,000. That is the labor force participation rate. The labor force participation rate is a meager 64%. It fell to 64% from 64.2%. So the 0.2% drop equals 315,000 people leaving the workforce.  That means there are 315,000 fewer jobs to have, so the universe of jobs has been steadily shrinking. What was the number of jobs created? It's 120,000 jobs. It's 120, 126,000, whatever. That's in the ballpark. That number of jobs created can lower unemployment rate 0.4%, almost one half of a percent? Creating 120,000 new jobs can do that? That alone tells us how small the labor force participation rate is. That tells us how small the universe of available jobs in the country is, when creating 120,000 -- and we still have, don't forget, over 400,000 applications for unemployment compensation reported yesterday. So just 120,000 new jobs can lower the unemployment rate almost a half a point. That's not possible without that 315,000 figure, the 315,000 people who have just walked away.   Read entire article.......

What the Real Unemployment Rate? The Economic Populist - With each unemployment report release, pundits and press quote various unemployment rates ranging from 9.1% to 22.7%, and announce that is the real unemployment rate. What does that mean and how are they getting those other numbers?  First, the unemployment rate is well defined, a ratio and been set since 1994 by the same methods. The official unemployment rate is 9.1%. There are 13,931,000 official unemployed people in July 2011.  Yet the BLS gives an additional number, those who are not part of the labor force who want a job, currently 6.57 million people, and this group isn't part of the official unemployment rate.  Then there is yet another group of people who really want and need full time jobs who can only get part time ones. These people number 8,396,000.  Read more....... Steve Peters:  How fitting that Carroll D. Wright, a past Commissioner of Labor, used this quote in his opening remarks at a convention in 1889, "Figures don’t lie, but liars figure". The longer that Obama's Great Recession goes on, the wider the gap grows between the government's officially calculated unemployment number of 8.6% and the real number which is at least 16%, but may be as high as 23%. As more people get disgusted and just quit looking for a job because Obama is waging war against the producers/job creators, the government drops them out of the official pool of unemployed workers, which perversely LOWERS their unemployment number! DO NOT take my word for it, please review the two attached articles.

Alternate Unemployment Charts - Shadow Government Statistics -  The seasonally-adjusted SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated long-term discouraged workers, who were defined out of official existence in 1994. That estimate is added to the BLS estimate of U-6 unemployment, which includes short-term discouraged workers. The U-3 unemployment rate is the monthly headline number. The U-6 unemployment rate is the Bureau of Labor Statistics’ (BLS) broadest unemployment measure, including short-term discouraged and other marginally-attached workers as well as those forced to work part-time because they cannot find full-time employment. For more charts and information.......  Article contributed by Steve Peters.

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