Unemployment rate March 8, 2013, Labor force participation rate underemployment rate and part time workers reveal truth, Gallup Poll US Payroll to Population Rate Falls Further in February
“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
“Tonight, let’s declare that, in the wealthiest nation on earth, no one who works fulltime should have to live in poverty — and raise the federal minimum wage to $9 an hour.”…Barack Obama
“the Times of the nineteenth of December had published the official forecasts of the output of various classes of consumption goods in the fourth quarter of 1983, which was also the sixth quarter of the Ninth Three-Year Plan. Today’s issue contained a statement of the actual output, from which it appeared that the forecasts were in every instance grossly wrong. Winston’s job was to rectify the original figures by making them agree with the later ones.”…George Orwell, “1984″
*** UPDATE 8:30 EST ***
Just in from the US Labor Dept.
The “rectified” (“1984” reference) unemployment rate for February 2013 is 7.7%.
The BLS February 2013 unemployment rate will be released shortly. Regardless of the stated rate, it will not accurately portray the dismal jobs situation in America.
From Gallup March 7, 2013.
“U.S. Payroll to Population Rate Falls Further in February”
“The U.S. Payroll to Population employment rate
(P2P), as measured by Gallup, was 43.3% for the month of February,
down from 43.6% in January. This also reflects a decline from the
43.6% P2P rate of February 2012, and is the lowest P2P rate since
April 2011’s 43.3%.
Gallup’s P2P metric is an estimate of the percentage of the U.S. adult
population aged 18 and older who are employed full time by an employer
for at least 30 hours per week. P2P is not seasonally adjusted.”
“Unlike Gallup’s P2P rate, which is a percentage of the total
population, traditional employment metrics, such as the unemployment
rates Gallup and the U.S. Bureau of Labor Statistics report, are based
on the percentage of the workforce. Gallup defines the “workforce” as
adults who are working or actively looking for work and available for
employment. February’s workforce participation rate was 67.8%, down
slightly from 68.1% in January, but similar to the 67.7% of February
2012.”
“Underemployment, as measured without seasonal adjustment, was 18.1% in
February, up from 17.5% in January. Still, this is a full point’s
improvement over February 2012, when the rate was 19.1%.”
“The percentage of workers working part time but wanting full-time work
was 10.1% in February, an increase from 9.6% in January, and the
highest rate measured since January 2012.”
“The year-over-year decline in unemployment and stability in the size
of the workforce, on the surface, would seem to indicate an improving
employment situation. Although fewer people are unemployed now than a
year ago, they are not migrating to full-time jobs for an employer. In
fact, fewer Americans are working full-time for an employer than were
doing so a year ago, and more Americans are working part time.
Although part-time work is clearly better than no work at all, these
are not the types of good jobs that millions of Americans are still
searching for.”
Read more:
http://www.gallup.com/poll/161063/payroll-population-rate-falls-further-february.aspx
“Tonight, let’s declare that, in the wealthiest nation on earth, no one who works fulltime should have to live in poverty — and raise the federal minimum wage to $9 an hour.”…Barack Obama
Obama is fixing that by making them all part time workers.
Citizen WElls 