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