Obligatory post on the Unemployment bullshit from the LSM.

I am certain the LSM will be all happy to report that unemployment remained steady at 7.6%, and whilethey all were hoping for a drop to 7.5%, this is just great news still. Well, as this Zerohedge post neatly shows, focusing on reported unemployment number outside of the other real factors is stupid.

So much for any doubts about a September taper: with the street expecting a 165K NFP number for June, the actual print of 195K following an upward revised May print of 195K as well, means the Fed’s September flow fade, aka Taper, is now virtually assured. On the other side, the Household Survey printed a 160K increase in jobs. The Unemployment Rate stayed at 7.6% despite expectations of a drop to 7.5%, although the real action was in the underemployment rate which exploded from 13.8% to 14.3%.

Emphasis mine. Sure the LSM is happy to tell you that you should believe the bullshit that the economy is at a minimum steady, if not getting better, but the fact is that’s all bullshit. The number of people that want to be full time employed but can’t find full time jobs keeps climbing. And it will be going up even more as employers everywhere react to Obamacare. Things are not getting better. In fact, we should be happy they are not deteriorating as fast as they could be based on all the stupid from the credentialed elite running our nanny state.

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  1. Hal_10000

    I’m puzzled by the jump in U6 because between revisions and the new month, we had 265,000 jobs created. I suspect there is something else going on here, either a surge in employable pop or people moving to part-time due to Obamcare (which might explain the delay in the employer mandate).

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