Janet Yellen FOMC press conference March 18, 2015, Pace of employment growth has remained strong, Continued progress toward maximum employment, Of whom illegal aliens?, Job gains averaging nearly 290k per month, Slack in labor market continues to diminish, OMG what the hell is wrong with Yellen?
“Why does Janet Yellen keep misrepresenting the jobs situation and quoting the big lie of the unemployment rate?”…Citizen Wells
“In February 2015 there were 43,000 fewer white Americans employed, 354,000 more not in the labor force, 96,000 more employed and we added 295,000 jobs? Was Common Core math used?”…Citizen Wells
“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″
Jenet Yellen is answering questions as I write this and read the
Transcript of Chair Yellen’s FOMC Press Conference Opening Statement March 18, 2015.
“We have seen continued progress toward our objective of maximum employment. The pace of employment growth has remained strong, with job gains averaging nearly 290,000 per month over the past three months. The unemployment rate was 5.5 percent in February; that’s three-tenths lower than the latest reading available at the time of our December meeting. Broader measures of job market conditions—such as those counting individuals who want and are available to work but have not actively searched recently and people who are working part time but would rather work full time—have shown similar improvement. As we noted in our statement, slack in the labor market continues to diminish. Meanwhile, the labor force participation rate—the percentage of working-age Americans either working or seeking work—is lower than most estimates of its trend and wage growth remains sluggish, suggesting that some cyclical weakness persists. So considerable progress clearly has been achieved, but room for further improvement in the labor market continues.
We continue to expect sufficient underlying strength in economic growth to support ongoing improvement in the labor market. After averaging about 2-1/2 percent over 2014, growth of real gross domestic product appears to have slowed in the first quarter of this year, in part reflecting a moderation in household spending. In addition, the recovery in the housing sector remains subdued and export growth looks to have weakened. Looking ahead, however, the Committee continues to expect a moderate pace of GDP growth, with robust job gains and lower energy prices supporting household spending.”
“This assessment of the outlook is reflected in the individual economic projections submitted for this meeting by the FOMC participants. As always, each participant’s projections are conditioned on his or her own view of appropriate monetary policy. The unemployment rate projections over the next few years and in the longer run are generally a bit lower than the December projections. At the end of this year, the central tendency for the unemployment rate stands at 5.0 to 5.2 percent, in line with participants’ estimates of the longer-run normal unemployment rate. Committee participants generally see the unemployment rate declining a little further over the course of 2016 and 2017.”
There is only one explanation for Janet Yellen’s irresponsible statements about the employment situation in the US.
She is either on drugs or being scripted by the Obama camp.
She can’t be that stupid.
She keeps quoting the unemployment rate, in fact I just heard her refer to it.
Jim Clifton, the CEO of Gallup calls it a lie!
And her touting the recent job gains.
The US Labor Dept. BLS reported 295,000 job gains for February 2015.
It also reported that there were only 96,000 more employments and in fact 43,000 fewer white employments.
Zero Hedge and Citizen Wells are questioning these Orwellian claims.
From Citizen Wells March 18, 2015.
Wall Street and main street had better be worried about the real state of the economy and the jobs crisis in this country.
Yesterday Zero Hedge questioned the monthly jobs data from the US Labor Dept. BLS.
“Something Strange Is Going On With Nonfarm Payrolls”
“Falling wages aside (a critical topic as it singlehandedly refutes the Fed’s bedrock thesis of no slack in a labor force in which there are 93 million Americans who no longer participate in the job market) going back to the original topic of which economic factors are prompting the Fed to assume there is an economic recovery, without exaggeration, all alone.
Is there nothing else that can validate the Fed’s rate hike hypothesis? Well… no.
Below is a selection of the economic data points that have missed expectations in just the past month.
- Personal Spending
- Construction Spending
- ISM New York
- Factory Orders
- Ward’s Domestic Vehicle Sales
- ADP Employment
- Challenger Job Cuts
- Initial Jobless Claims
- Nonfarm Productivity
- Trade Balance
- Unemployment Rate
- Labor Market Conditions Index
- NFIB Small Business Optimism
- Wholesale Inventories
- Wholesale Sales
- IBD Economic Optimism
- Mortgage Apps
- Retail Sales
- Bloomberg Consumer Comfort
- Business Inventories
- UMich Consumer Sentiment
- Empire Manufacturing
- NAHB Homebuilder Confidence
- Housing Starts
- Building Permits
- Industrial Production
- Capacity Utilization
- Manufacturing Production
- Dallas Fed
- Chicago Fed NAI
- Existing Home Sales
- Consumer Confidence
- Richmond Fed
- Personal Consumption
- ISM Milwaukee
- Chicago PMI
- Pending Home Sales
- Personal Income
- Personal Spending
- Construction Spending
- ISM Manufacturing
- Atlanta Fed GDPNow
So a pattern emerges: we have an economy in which jobs and only jobs are acting as if there is a strong recovery, while everything else is sliding, disappointing economists, and in fact hinting at another contraction (whatever you do, don’t look at the Fed’s internal model of Q1 GDP).
To be sure, economists these days are better known as weathermen, and so they are quick to blame every economic disappointment on the weather. Because, you see, they were unaware it was snowing outside when they provided their forecasts about the future, a future which should be impacted by the snowfall that day, and which they promptly scapegoat as the reason for their cluelessness. Yet one wonders: why didn’t the harsh snow (in the winter) pound February jobs as well? Recall last year’s payroll disappointments were immediately blamed on the weather which was just as “harsh” as this year. Why the difference?
And yet, today this rising “anomaly” between Nonfarm Payolls “data” and everything else, hit a crescendo, and some – such as Jim Bianco – have had it with the lies anomalies, which prompted him to ask the following:
Why Are Construction Jobs and Housing Starts Telling Different Stories? Is The Problem Non-Farm Payrolls
“Economists seem to start with the premise that the non-farm payroll data is correct and everything else needs to be dismissed by weather and other factors. Maybe we should ask why the non-farm payrolls number is different from everything else.”
Citizen Wells responded.
“You don’t have to be a rocket scientist or a math whiz to evaluate the data from the US Labor Department.
You just have to care and have basic math skills.
Sadly this is lacking in the mainstream media.
Even Fox News.
Some of the more blatant lies (yes Gallup CEO Jim Clifton was correct to call them lies), relate to the unemployment rate and it’s improvement and job growth.
For example, in February 2015 the Labor Dept. reported 295,000 jobs added.
However, there was only a 96,000 gain in employment.
And Whites had 43,000 fewer employments!
There were 354,000 more people not in the labor force!
There were 180,000 more people not in the labor force who want a job now!
Did you know?
5,205,000 full time employments were lost during the first year of Obama’s occupation of the White House from January 2009 to January 2010?
2.8 million white Americans fewer were employed during Obama’s first year.
During Obama’s term, from January 2009 to now, 75 percent of the employment went to Hispanics/Latinos.
Since it is PI Day and Einstein’s birthday, I present some new data and a math lesson. Math that I understood by the fifth grade.
Below are the changes in employment by race during the first 6 years of the Obama Administration.
The ratio of employment added in 6 years over employment in Jan. 2009 is given with the resulting percent change over 6 years.
1,172,000 / 116,863,000 = .01 = 1 %
1,590,000 / 15,481,000 = .103 = 10.3 %
4,511,000 / 19,794,000 = .228 = 22.8 %
1,934,000 / 6,606,000 = .293 = 29.3 %
How do you like those numbers?
Seen/heard them reported by the White House or mainstream media, Fox?
Our math capabilities have diminished in this country.
But our real problems are priorities and integrity.”