The Bureau of Labor Statistics reported that U-3 unemployment for September dropped to 7.8% after seasonal adjustment. Good news? No. Employment’s at 92.2% now? No. Surprising news? No, it was completely predictable.
I’m only surprised that they fudged the numbers so blatantly. I thought they’d at least try to be more subtle.
The U-3 unemployment number doesn’t tell the whole story. But don’t just take my word for it. James Pethokoukis explains:
Yes, the U-3 unemployment rate fell to 7.8%, the first time it has been below 8% since January 2009. But that’s only due to a flood of 582,000 part-time jobs.
The broader U-6 rate — which takes into account part-time workers who want full-time work and lots of discouraged workers who’ve given up looking — stayed unchanged at 14.7%. That’s a better gauge of the true unemployment rate and state of the American labor market.
The labor force is collapsing. Confused? Look at it this way.
8% unemployment (technically)
When the BLS plays with the number of people it designates as “discouraged workers,” then you see results like today’s report of 7.8% unemployment. The Obama BLS is cooking the books to make Obama look better.
Scroll back up to the top of this page. Look underneath the banner for a link labeled “Unemployment 101” and read what’s there a few times until you have a good grasp on the accounting tricks you’re being fed by the Obama BLS.
12:05 Update: Yet more accounting tricks, this time with government jobs vs. private sector jobs.
12:25 Update: The total number of unemployed and underemployed people reveals another aspect of the BLS’ deception. Look how it jumped today.
12:55 PM Update: They forgot to cook the rest of the books to hide the trickery.
1:10 PM Update: Busted. Caught red-handed. Utter bullshit.
1:15 PM Update: Lies, damned lies, and statistics.
4:05 PM Update: If the economy really created 873,000 jobs last month, why isn’t Obama crowing it from the rooftops? Because he knows it’s utter bullshit, that’s why.
4:20 PM: Nope, nothing fishy going on. Nothing to see here. Move along. The first positive news for September employment among 20-24 year olds — ever — is completely legit.
Sure, every other September sees these college-aged kids going, y’know, back to college. But not in the 4th Year of Our Lord Barack Obama. Forward, comrades! All is well!
Wanna buy some sweet oceanfront property in Arizona? I can sell it to ya cheap.