Markets rise on flawed data, ADP BLS Market Watch reports, Stated unemployment rate, Labor force participation rate, Part time work, Food stamps tell all
“With a 63.7% labor force participation, “conditions in the labor market are considerably worse than indicated” in July’s report”…economist Joshua Shapiro, WSJ August 3, 2012
“Since the Democrats took control of both houses of congress in January 2007, the number of people who could only find part time work has gone up 215 percent”…Citizen Wells
“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″
I have been reviewing employment data from ADP, BLS and a Market Watch report this morning. The stated unemployment rate, as most of you know, does not factor in the people who have dropped out of the work force and 2.8 percent have dropped out since Obama took office.
It also does not factor in the large increases in people who could only find part time work due to the economy and impact of Obamacare.
The ADP report of private sector jobs added does not match the BLS report. The Market Watch report echoes the BLS report and misrepresents the true unemployment rate:
“The acceleration in hiring nudged the unemployment rate down to 7.5% from 7.6% in March. That’s the lowest level since December 2008, the month before President Obama took office.”
The stock market has responded positively to this unrealistic data, much as it has this year.
I do not know how long the markets can be buoyed on false data, but numbers don’t lie.
20 percent, 1 in 5 Americans are on food stamps.
More details to come.