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."