White House Spins Job Numbers, Reality Bites

WhiteHouseBragsOnJobNumbers

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LaborParticipation

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GDPetc

 

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2 Responses to White House Spins Job Numbers, Reality Bites

  1. 12% unemployment that STILL does not accurately reflect the number of actual persons who have either given up looking for a job in the area of their expertise or what said fu__ it and gone on disability.

    BZ

  2. songwroter says:

    Bureau of Labor Statistics defines U-6 unemployment as “Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force.”

    It’s an incomplete measure, but more accurate than U-3, the usual nonsense stat quoted, which is defined as “Total unemployed, as a percent of the civilian labor force (official unemployment rate),” ignoring underemployment–which is particularly useless when so many people are forced into part-time jobs.

    On the other hand, it wouldn’t be accurate to say that (100% minus 62.8% labor participation rate, equals) 37.2% is the “real” unemployment rate, but labor participation rate *trends* are critical.

    Of course, Dems argue that the low labor participation rate is driven by aging boomers willingly retiring early, and there’s some of that, but it’s driven far more by an extremely weak job market, where looking for work when you’re a fossil (like me) is at best a protracted and frustrating process–not because boomers suddenly decided to retire early, en mass.

    And then there are the absolute jobs-created numbers. What the White House doesn’t say is that adding 200K jobs a month doesn’t mean much when a steady trend of 400K+ jobs added per month would be needed to recover fully from the recession.

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