Obama media lies on September jobs report, Election year spin hides horrible jobs situation and economy, Janet Yellen questions job strength, Federal Reserve publishes labor market conditions index
“11.4%: What the U.S. unemployment rate would be if labor force participation were back to January 2008 levels.” …James Pethokoukis, American Enterprise Institute, June 2013
“Approximately 1 million more people could only find part time employment since Obama took office in January 2009.”…Citizen Wells August 2013
“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″
If you are making investment decisions based on what you are reading in the mainstream media, you had better read the following.
The normal pro Obama media has outdone itself.
It is an election year and Obama is in trouble.
The recent stated unemployment rate of 5.9 percent was compared as the best since 2008.
What they did not tell you is the following reported at Citizen Wells on October 3, 2014.
“There were 315,000 more people not in the labor force in September. That is far more than the 248,000 jobs that were added.
The labor force participation rate at 62.7 percent is 3 percent higher than when Obama took office.
They are comparing the current unemployment rate to 2008. The rate was 5.8 percent in July 2008. However, the participation rate then was 66.1 percent.
That is 3.4 percent higher than today.
You do the math!
Also, there were 45,000 more people in September , not in the labor force who want a jobs now.
And don’t forget this from the Labor Dept.
“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.”
That is bad enough.
But it gets worse.
Straight from the US Labor Dept.
The unemployment rate for blacks is 11 percent. It was 10 percent in July 2008.
The lowest labor force participation rate during the 8 years of George Bush was 65.8 percent.
It is currently 62.7 percent with this great Obama economy.
The highest number of people unemployed over 27 weeks during the 8 years of George Bush was 2,610,000.
The highest number under Obama was 6,770,000. It is currently 2,954,000 and would be higher if so many people had not dropped out of the labor force.
When Obama took office in January 2009 there were 5,708,000 million people not in the labor force who want a job now. There are currently 6,349,000 people in that category.
There are 12 million more people not in the labor force than when Obama took office in 2009.
From the Greensboro News Record October 3, 2014.
“For example, there were 7.1 million people working part-time jobs last month even though they would prefer full-time work. That figure is up from just 4.6 million before the recession.
And there are 3 million people who have been out of work for more than six months. That figure has declined steadily in the past three years but is still more than double its precession total.”
Janet Yellen has been raising concerns about the validity of the jobs data for months.
From Market Watch October 1, 2014.
“Starting next week, a new indicator may roil the markets
The Federal Reserve will publish a new monthly gauge of the health of the labor market, called the labor market conditions index, beginning next Monday, the central bank announced Wednesday.
The report is an attempt to dig deeper into labor market trends beyond the standard monthly unemployment rate measure.
Fed Chairwoman Janet Yellen and her allies have argued that the improvement in the unemployment rate over the past year has overstated the strength of the labor market. How much slack remains in the economy is a key factor in how patient the central bank can be before lifting off short-term interest rates from zero.”
From “1984” by George Orwell.
“But actually, he thought as he re-adjusted the Ministry of Plenty’s figures, it was not even forgery. It was merely the substitution of one piece of nonsense for another. Most of the material that you were dealing with had no connexion with anything in the real world, not even the kind of connexion that is contained in a direct lie. Statistics were just as much a fantasy in their original version as in their rectified version. A great deal of the time you were expected to make them up out of your head. For example, the Ministry of Plenty’s forecast had estimated the output of boots for the quarter at one-hundred-and-forty-five million pairs. The actual output was given as sixty-two millions. Winston, however, in rewriting the forecast, marked the figure down to fifty-seven millions, so as to allow for the usual claim that the quota had been overfulfilled. In any case, sixty-two millions was no nearer the truth than fifty-seven millions, or than one-hundred-and-forty-five millions. Very likely no boots had been produced at all. Likelier still, nobody knew how many had been produced, much less cared. All one knew was that every quarter astronomical numbers of boots were produced on paper, while perhaps half the population of Oceania went barefoot. And so it was with every class of recorded fact, great or small. Everything faded away into a shadow-world in which, finally, even the date of the year had become uncertain.”