Not Much Happening on the Unemployment Front November 4, 2011
Posted by geoff in News.trackback
Last month’s unemployment rate was released today – it dropped from 9.1% in September to 9.0% in October. Not much of a change – the Establishment survey says that we added 104,000 private sector (non-farm) jobs, last month, which is just enough to keep up with the labor population growth. Of course we also lost 24,000 government jobs (only 2,000 were from the federal gov’t, dang it), so we’re not really keeping up at all.
The funny thing this month is the way the BLS struggles to find good news. So they tell us this:
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) decreased by 374,000 to 8.9 million in October.
Of course they don’t mention that over the preceding 2 months the number of involuntary part-time workers increased by 874,000 (and they didn’t take note of it during those months’ reports, either). Context much?
Speaking of context, here is The Chart, where once again we see the deadly accuracy of Timothy Geithner’s predictions from March 2010. Yes, 20 months ago Mr. Geithner predicted our current state of misery. And then sat back with his thumbs up his ass watching it unfold exactly as he had expected.
Probably better that way, actually. If he’d tried to do anything, we’d just owe more money.
once again we see the deadly accuracy of Timothy Geithner’s predictions
I loved that phrase. It is almost poetic.
I am convinced that they are messing with the numbers so they don’t show a 10% rate.