Friday, May 2, 2014

US gains 288k jobs, most in 2 years; rate 6.3 pct.

May 2, 12:08 PM EDT

US gains 288k jobs, most in 2 years; rate 6.3 pct. 

 
http://hosted.ap.org/dynamic/stories/U/US_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-05-02-12-08-32



Most news sources "conveniently" omit the most important paragraph from the report: "the drop in the unemployment rate from March’s 6.7 percent came as the agency’s survey of households showed the labor force shrank by more the 800,000 in April. The so-called participation rate, which indicates the share of working-age people in the labor force, decreased to 62.8 percent, matching the lowest level since 1978, from 63.2 percent a month earlier." So for every new job, 3.5 folks dropped out. Policy success, ahh, no.  

America is still utterly clueless that the unemployment numbers being trumpeted by the media are always the BLS's U-3 index number. This index is so deliberately deceptive that they are useless if you really want to know how many Americans are out of work. The BLS U-6 index ("alternative index") is missing key data, but is much closer to reality; it is showing 12.3% unemployment for April 2014. The real numbers on shadow statistics dot com show over 20%. Our situation proves that Americans are happy being lied to if it lets them ignore a growing problem for a bit longer.

Respectfully Submitted,
Buff

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