It seems that the crap that comes from Washington never ends and the unemployment numbers are no exception. Is the Labor Department fudging the numbers, probably not, they work with only the information that they are given. Unemployment listed at 7.4%? New jobs listed at 162,000? What didn't make the fact sheet is 77% of the new jobs are part time.
To get the real numbers one has to go beyond the raw data. The real number that explains the faltering economy is the U6 number that takes into account all those that are part time and those that have stopped looking for work. That unemployment rate of more the 14%.
The figures that are listed below also explain a story of more bad news to come. And when you hear the talking heads exclaim how our economy is recovering, you will have some idea of just how invested most of them are in their own delusions of economic growth based on 'hope and change', not reality.
'- 162,000 jobs were added this month, less than the 180,000 expected
- May and June payrolls were 26,000 less than first reported
- Both the average workweek and average hourly earnings decreased last month
- The labor participation rate continues to slide
- If the participation rate was the same as it was just a year ago, the unemployment rate would be 7.8%
- And if the participation rate was at the level it was in January 2009, the unemployment rate would be a staggering 10.7%'
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