Real employment news from US Labor Department January 9, 2015, Non Orwellian version, Truth from Citizen Wells and Zero Hedge, 456K more not in labor force, Labor force participation drop of .2 percent accounts for unemployment rate, Continuing unemployment claims surge
“Over the last six months, of the net job creation, 97 percent of that is part-time work,”…Keith Hall, former BLS chief
“The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed in September at 7.1 million. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job.”…US Labor Dept. September 2014
“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″
You are being bombarded by the “good news” about employment from the Orwellian mainstream media, low information market news reports and I am certain the White House.
Now for the truth.
The real employment news.
The unemployment rate dropped to 5.6 percent and jobs are being added? Right?
From the US Labor Department data:
There were 456,000 more people not in the labor force in December!
There were supposedly 111,000 more people employed in December???
Hardly cause for celebration, if true, especially with the numbers of part time jobs.
The drop of .2 percent in the labor force participation rate accounts for the .2 percent drop in the unemployment rate.
The labor force participation rate has plummeted 3 percent since Obama took office.
The number of people who could only find part time work is up 756,000 since Obama took office.
From Zero Hedge January 8, 2015.
“Continuing Claims Surge Most Since 2009 Over Last 6 Weeks, Initial Claims Miss”
“Initial claims dropped 4k on the week but missed expectations, printing 294k (vs 290k exp). This is a level first seen in July 2014 as the trend of improvement has ended for claims (the biggest 3 month rise in over a year). Layoffs were dominated by MI where manufacturing and waste management industries suffered (and Texas saw fewer layoffs but a shortened workweek). Perhaps more worrying, the continuing claims data surged by over 100k to 2.452 million (stunningly on a non-adjusted basis continuing claims surged 407k).”