Friday, August 5, 2011

CNBC: Beneath Jobs Report Surface Lie Some Ugly Truths

QUOTE: "But the job creation number was positive and the unemployment rate went down, right? So how does that work? It’s a product of something the government calls “discouraged workers,” or those who were unemployed but not out looking for work during the reporting period. This is where the numbers showed a really big spike—up from 982,000 to 1.119 million, a difference of 137,000 or a 14 percent increase. These folks are generally not included in the government’s various job measures."

What does it say that the media is trumpeting a .1% decrease in the unemployment rate that has only come about because a large number of people are giving up looking for work?  We live in interesting times.....

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