Friday, February 4, 2011

You Lie!

Government statistical data that is. The government's official measure of unemployment fell to 9.0% last month. Meanwhile, Gallup reported its own survey showed unemployment at 9.8%. Who are you going to believe. Further, as HotAir points out, only 36,000 jobs were added. These facts do not indicate economic health. I have come to the conclusion that the official unemployment rate is almost meaningless, because it only counts those actively seeking work, a self identification that might be highly subjective. Meanwhile, the underemployment index, U-6 increased from 16.6% to 17.3%.
(U6 = Official unemployment + "discouraged workers", or those who have stopped looking for work because current economic conditions make them believe that no work is available for them + other "marginally attached workers", or "loosely attached workers", or those who "would like" and are able to work, but have not looked for work recently. + Part time workers who want to work full time, but cannot due to economic reasons.)
This is hardly an economy in recovery. At least the administration was smart enough not to trumpet the unemployment data as a major triumph.

1 comment:

  1. Anyone buying the rosy spin on unemployment deserves any misery coming their way. Great data!