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Unemployment was reported this week as having dropped to 9.5%. This sounds good, except that there are lots of census workers in that figure and the "participation rate" declined significantly. While last month the number of unemployed was 15M, this month there were 14.6 million. Does anyone believe the economy added 400,000 jobs last month? Not in this planet. What a joke.
From Calculated Risk comes this great chart showing unemployment numbers - without the census workers:
The lowest red line is where we are.
1 comment:
Another perspective.
Barron’s: "THE HOUSEHOLD SURVEY INCLUDES a series on "private wage and salary workers" in "all nonagricultural industries except private households"—very comparable to the private-sector employment series carried in the establishment data, and not subject to any adjustment for business births and deaths.
In the first six months, gains in this household-data series have actually been running more than double the gains reported by the establishment data. So if anything, the establishment data may be underestimating the private-sector increase in employment."
http://tinyurl.com/2flttfd (subscription may be required)
or try googling or binging
A Second Dip Still Unlikely
In this week’s Barron’s, author Gene Epstein
Seamus
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