Here's The Real Unemployment Rate
Any rate drop is from ‘discouraged workers eliminated’ from job accounting
WND
NEW YORK – Are the reports of an Obama economic recovery based on the economy creating mostly part-time jobs and on manipulated government statistics that report an artificially low unemployment number?
According to John Williams, an economist known for asserting the government reports manipulated “shadow statistics” of economic data for political purposes, the real unemployment rate for July 2013 was 23.3 percent, not the 7.4 percent reported by the Bureau of Labor Statistics.
Meanwhile, the House Ways and Means Committee reported Monday that seven of every eight new employees under Obama have been part-time.
Williams, editor of the Shadow Government Statistics website, wrote that the Bureau of Labor Statistics report indicating July unemployment dropped from 7.6 percent in June to 7.4 percent in July was “meaningless.”
“The broad economic outlook has not changed, despite the heavily-distorted numbers that continue to be published by the BLS,” Williams wrote. “The unemployment rates have not dropped from peak levels due to a surge in hiring; instead, they generally have dropped because of discouraged workers being eliminated from headline labor-force accounting.”
Manipulated unemployment rates
Williams’ ShadowStats Alternative unemployment rate includes “long-term discouraged workers,” a category the Bureau of Labor Statistics removed in 1994, under the Clinton administration, from the government’s unemployment measures.
The BLS publishes six levels of unemployment, but only the headline U3 unemployment rate gets the press.
The headline number does not count the “discouraged” workers who have not looked for work in the past four weeks because they believe no jobs are available.
Williams has demonstrated that it takes an expert to truly decipher BLS unemployment statistics. For instance, in a table titled “Alternative measures of labor underutilization,” the BLS reports what is known as “U6 unemployment.”
Reposted with permission.
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What’s most incredible about it all is how these fictitious government statistics, unemployment, the CPI, go unchallenged by the markets, like they also find optimism in sharply lowered expectations of many corporations: the bar is set much lower, so, now, performance is meeting or almost meeting lowered expectations! There was a time, not too long ago, where actual macro economic conditions governed the course of investments, growth or not. But now we have markets based on painted charts, in essence, computers trading with each other, funny money and Fed lip service the actual drivers: you can no longer invest, based on economic reason or even truth! It’s all in the toilet, and I suppose lies are all that’s left to try and spin confidence. They can only hope people remain as dumb as rocks and distracted, or one can easily come to the conclusion we are already in a Depression, and have been for sometime, and, the fact is, there’s nothing to have confidence in. Look at below when somebody pulls back that curtain, hiding the Great Oz in his control booth, i.e., Ben Bernanke: timber! Just ask yourself this: what’s going to happen if, in the world, other nations ask the question, “Why should we keep taking this green paper Bernanke prints like toilet paper for our oil and high quality manufactured goods?”