Cooked or Accurate US Employment Numbers?
Main Street America is in protracted Depression.
by Stephen Lendman
For over a decade, US job prospects have been dismal. Since crisis conditions erupted in 2008, they've been dire for millions wanting work.
Since Obama took office in January 2009, job creation has been pathetic. Numbers reported during the weakest US recovery on record largely failed to compensate for others lost.
Monthly Labor Department (BLS) data report inaccurately. America's broken jobs engine isn't explained. The latest 7.8% unemployment rate is blarney. Based on the 1980s calculation model, real unemployment approaches 23%.
You'd never know it from irrational exuberance following the October 5 BLS report. "Better News on Jobs" headlined a New York Times editorial, saying:
The report "was stronger than expected." It's also true that more needs to be done "to maintain and create jobs," The Times admitted. It also called the unemployment rate drop from 8.1% to 7.8% "partly due to a statistical fluke and partly to more part-time employment."