America's Sham Economic Recovery
Official government data cover up the dire state of America's economy.
by Stephen Lendman
Official government data are manipulated. Credibility's entirely lacking. Reported good news is hype. Grim underlying reality is suppressed.
The monthly Labor Department jobs report is typical. Progressive Radio News Hour regular economist Jack Rasmus calls the latest January one "largely statistical legerdemain."
A reported 243,000 nonfarm jobs reported lacked credibility. Manipulation manufactured them. Even the Bureau of Labor Statistics (BLS) admits:
"The confidence level for the monthly change in total employment is on the order of plus or minus 430,000 jobs."
With that level of accuracy why bother reporting at all. Monthly numbers are meaningless. January's reflect the problem.
Rasmus said those allegedly created aren't actual jobs. "They represent seasonal adjustments made to the raw data...." January numbers, in fact, reflect "an anomalous massive upward revision of the raw jobs data, due to assumptions about seasonality and (alleged) new business formations."
Comparing actual versus seasonally adjusted figures shows marked differences. Data reported for December 2011 and January 2012 revealed "an incredible 7 to 10-fold increase in the difference between" seasonably and non-seasonally adjusted figures.
For January, raw data showed large job losses, not gains. Included were "about 300,000 construction jobs, another 600,000" retail ones, and "400,000 in business professional services as most businesses trim their labor force at the start of the year to keep costs down." In addition, hundreds of thousands more were lost for a 2.7 million total overall.
Reporting 243,000 new jobs denies reality. In fact, it's worse. It's Obama administration propaganda to make unemployed workers think their troubled status doesn't reflect falsified improving conditions.
It's an election year stunt, an official lie, turning reality on its head for votes at a time America's experiencing a Main Street Depression affecting jobs. It replicates the 1930s. True unemployment's at 22.5%, not the fake 8.3% U-3 number reported to hide the dark truth.
Headline numbers exclude discouraged workers. They want jobs but gave up looking after futile months trying. Moreover, no distinction is made between full-time employees and others forced into low pay, low or no benefit menial part-time/temp ones.
Statistically, a job is a job is a job no matter how poor or few monthly hours worked. Of course, this type reporting denigrates those unable to make ends meet in hard times. According to Census data, they represent half of US households defined as impoverished or bordering on it. That reality should shock everyone and force responsible officials to act.