Rueters has another bullshit piece about how unemployment is getting better, right in time to help Team Blue claim things are getting better because of them, as the election approaches.
(Reuters) – Employment growth accelerated last month and the jobless rate dropped to a near three-year low of 8.5 percent, offering the strongest evidence yet the economic recovery was gaining steam.
Nonfarm payrolls increased 200,000 in December, the Labor Department said on Friday. It was the biggest rise in three months and way above economists’ expectations for a 150,000 gain.
The unemployment rate dropped from a revised 8.7 percent in November to its lowest level since February 2009, a heartening sign for President Barack Obama whose re-election hopes could hinge on the state of the labor market.
Of course, this is all slight of hand. Reuter’s Team Blue propaganda piece omits some key information:
While some of these forward-looking numbers hold promise, the actual jobs numbers so far have been middling. Hopefully the numbers tomorrow will turn that around. But the real missing piece for a true recovery in the job market has been workers. Even as the unemployment rate dropped from 9 percent to 8.6 percent last month, a little over half of that decline was due to workers dropping out of the labor force.
Labor force participation averaged 66 percent through most of the 2000s. It now stands at 64 percent after declining again last month. If more people were still looking for jobs, and the participation rate were back up at 66 percent, the unemployment rate would now be 11.4 percent instead of 8.6 percent.
What all this means is that workers have been voting with their feet and choosing to not participate in a job market they see as weak. Because participation is a measure of worker/voter attitude, it will be an interesting metric to watch this election year. It points as much to how voters are thinking about the job market as how the job market is actually performing.
This is more of the same. If you recall last spring’s CBO prediction that we would add 2.9 million jobs between 2010 and 2012, halfway there we had only added 200K jobs, would mean an unbelievable 170K plus per month job creation scenario, till the election date, to meet that 2.9 million number. Seriously, how do you get that to happen, with Europe about to implode and China’s economy grinding to a halt, when your policies continue to be anti job creation? The answer is you don’t. So hence, this need to make up shit to pretend you are doing good. And have no doubt this is made up/manipulated numbers. And don’t forget all the part timers looking for full time jobs either.
They are not counted. Things are far worse than they have been trying to convince you for the last 3 years. As I pointed out in this post, get ready for a whole world of misinformation, intended to convince fools that things are getting better. The economy however is doing nothing of the sort, and the people getting hammered by it know it. They will fool many, but they won’t be able to fool enough people.
UPDATE: Even MSNBC watchers seem to understand this is bullshit propaganda.
When I looked at that poll 61.1% of them were saying they saw no improvement whatsoever. I guess they have not been told hard enough that things are better. Don’t worry. More tripe will be shoveled out to try and convince them that what they see and feel and thus perceive as the truth, is not true, but that what the propagandists are telling them should be considered true. They did the exact same thing back in the old USSR and this gets done constantly in most shit hole communist “paradises” these days, yet the people know better.