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Subject
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Faulty New Unemployment Numbers Totally Misleading
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Original Message
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"The unemployment rate decreased to 7.8 percent in September, and total nonfarm payroll employment rose by 114,000, the U.S. Bureau of Labor Statistics reported today. Employment increased in health care and in transportation and warehousing but changed little in most other major industries.
Household Survey Data The unemployment rate declined by 0.3 percentage point to 7.8 percent in September. For the first 8 months of the year, the rate held within a narrow range of 8.1 and 8.3 percent. The number of unemployed persons, at 12.1 million, decreased by 456,000 in September. "
[link to www.bls.gov]
If you're wondering "How the hell did THAT happen?" Simple.
1. The ranks of the employed rose 873,000. [link to www.bls.gov]
2. Of these, 574-thosuand were "estimated" into existence with the CES Birth/Death model. Hmmm...
[link to www.bls.gov]
3. All of the job growth came in "services". The ugly part is goods producing (like manufacturing jobs, you know, the kind that have been mostly jobjacked to Asia and Mexico? ) actually went down 10,000 for the month. Durable goods jobs down 13K
[link to www.bls.gov]
4. 81-thosuand jobs were found by 167-19 year olds. And on it goes.
After all the smoke and mirrors, notice please that the U-6 under-employed rate was still 14.7%.
[link to www.bls.gov]
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