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Friday, February 5, 2010
Unemployment Figures and Official Deception
The numbers on unemployment released this morning are deceptive.
The main number ("U-3") is down from 10.0% to 9.7%. This figure, however, excludes people out of work for more than six months "who have stopped looking for work." There is plenty of discretion in making that judgment. Remember, these figures can be subject to manipulation to reach the desired objective.
Note that payroll numbers are also down. This means that employment income has dropped, either because fewer people are working, people are working fewer hours or people are getting paid less.
The economic media is likely "looking for the good news."
If you are anything but a ward of the state, I suggest you try looking for the unvarnished, unadulterated truth.