The Bureau of Labor Statistics (BLS) redefined the "official" jobs reality today, as it does every month. This time around, the BLS provided data Americans incapable of thinking outside the box will cite over and over to reassure themselves (and any remaining doubters) that the economic "recovery" is on track, though that recovery has been a bit slower than the True Believers would like to see.
Nonfarm payroll employment increased by 192,000 in February, and the unemployment rate was little changed at 8.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in manufacturing, construction, professional and business services, health care, and transportation and warehousing.
My view now and forevermore is that government statistics should be scrupulously avoided if we have any choice in the matter. If I might quote from my post Blowing Off The BLS Monthly Numbers—
The situation has now gotten beyond absurd. I refuse to play this monthly BLS game. It's time to blow off the BLS' monthly numbers. I no longer want my jobs data smoothed, crunched, massaged and otherwise tampered with in any way. I want the data straight, no chaser. It is a matter of confidence and trust—I don't have either. What is the unemployment rate? It stood at 9.8% at the end of January. How do I know this? Gallup polling told me so.
Fortunately for us, Gallup is still polling Americans to determine the reality on the ground.
Unemployment Rate
PRINCETON, NJ -- Unemployment, as measured by Gallup without seasonal adjustment, hit 10.3% in February -- up from 9.8% at the end of January. The U.S. unemployment rate is now essentially the same as the 10.4% at the end of February 2010.
The unemployment rate is 10.3%. The underemployment rate adds part-time workers who want a full-time job to those who don't have a job.
Underemployment Rate
Underemployment, a measure that combines part-time workers wanting full-time work with those who are unemployed, surged in February to 19.9%. This resulted from the combination of a sharp 0.5-point increase since the end of January in the percentage unemployed and a 0.5-point increase in the percentage working part time but wanting full-time work. Underemployment is now higher than it was at this point a year ago (19.7%).
The underemployment rate is 19.9%. The job needs of 1 in 5 American workers are not being met.
I rounded up—so shoot me!
And now a special film presentation — What Is Capitalism?
That film was incredible! The youth were so wonderful and intelligent back in the halcyon days, weren't they?
Next up......Birth of A Nation.
Posted by: Morocco Bama | 03/04/2011 at 02:20 PM