Monday, February 06, 2012

I'm still a bit confused about the jobs report

We are very happy that many Americans found work last month.  Again, I want people working because that's good for them and the US economy.

However, we repeat that the "jobs numbers" were good but confusing.

John Crudelle posted an interesting column over the weekend: Rosy report a ruse

"Some day, the government is going to put out a good economic report and I’ll be able to say, “Yeah, that really is a good report.”  This isn’t that day."

Indeed, this is not the day.

Barry Casselman, The Prairie Editor, added his thoughts to the jobs report:

"Speaking of the curious, which may also be a form of political outrage,
the latest unemployment figures claim that the number of unemployment in the workforce is down a bit to 8.3%. At the same time, 1.2 million persons who were out of work were declared non-existent because they were so disheartened that they were no longer “seeking” employment.

This unilateral gambit is so transparent that it borders on the absurd.
Yet most in the media, all of the Democrats, and even many Republicans
made no effort at objection at this statistical fraud. That includes most of
the Republican aspirants for president.

If it weren’t for the Congressional Budget Office, Robert Samuelson and Rush Limbaugh, most would not even know this outrage was taking place.

If the Obama administration can get away with making the public believe
real unemployment (somewhere between 10% and 12%) is only 8.3%, they will soon be declaring there is no deficit."

Again, we are happy that more Americans are working.  I am also willing to accept that the economy is improving.  I am also convinced that the real unemployment number is not 8.3% and that it will go up later this year.

Click here for our Friday chat with Dr. Ileana Johnson-Paugh:

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