CEO of Gallup goes after unemployment numbers B.S. The Big Lie: 5.6% Unemployment by Jim Clifton Share on LinkedIn Share on Facebook Share on Twitter Print Here's something that many Americans -- including some of the smartest and most educated among us -- don't know: The official unemployment rate, as reported by the U.S. Department of Labor, is extremely misleading. Right now, we're hearing much celebrating from the media, the White House and Wall Street about how unemployment is "down" to 5.6%. The cheerleading for this number is deafening. The media loves a comeback story, the White House wants to score political points and Wall Street would like you to stay in the market. None of them will tell you this: If you, a family member or anyone is unemployed and has subsequently given up on finding a job -- if you are so hopelessly out of work that you've stopped looking over the past four weeks -- the Department of Labor doesn't count you as unemployed. That's right. While you are as unemployed as one can possibly be, and tragically may never find work again, you are not counted in the figure we see relentlessly in the news -- currently 5.6%. Right now, as many as 30 million Americans are either out of work or severely underemployed. Trust me, the vast majority of them aren't throwing parties to toast "falling" unemployment. There's another reason why the official rate is misleading. Say you're an out-of-work engineer or healthcare worker or construction worker or retail manager: If you perform a minimum of one hour of work in a week and are paid at least $20 -- maybe someone pays you to mow their lawn -- you're not officially counted as unemployed in the much-reported 5.6%. Few Americans know this. Yet another figure of importance that doesn't get much press: those working part time but wanting full-time work. If you have a degree in chemistry or math and are working 10 hours part time because it is all you can find -- in other words, you are severely underemployed -- the government doesn't count you in the 5.6%. Few Americans know this. There's no other way to say this. The official unemployment rate, which cruelly overlooks the suffering of the long-term and often permanently unemployed as well as the depressingly underemployed, amounts to a Big Lie. And it's a lie that has consequences, because the great American dream is to have a good job, and in recent years, America has failed to deliver that dream more than it has at any time in recent memory. A good job is an individual's primary identity, their very self-worth, their dignity -- it establishes the relationship they have with their friends, community and country. When we fail to deliver a good job that fits a citizen's talents, training and experience, we are failing the great American dream. Gallup defines a good job as 30+ hours per week for an organization that provides a regular paycheck. Right now, the U.S. is delivering at a staggeringly low rate of 44%, which is the number of full-time jobs as a percent of the adult population, 18 years and older. We need that to be 50% and a bare minimum of 10 million new, good jobs to replenish America's middle class. I hear all the time that "unemployment is greatly reduced, but the people aren't feeling it." When the media, talking heads, the White House and Wall Street start reporting the truth -- the percent of Americans in good jobs; jobs that are full time and real -- then we will quit wondering why Americans aren't "feeling" something that doesn't remotely reflect the reality in their lives. And we will also quit wondering what hollowed out the middle class. Jim Clifton is Chairman and CEO at Gallup. http://www.gallup.com/opinion/chairman/181469/big-lie-unemployment.aspx
The sad fact is that this is news. All Americans should know this intrinsically. The fact that so many people are ignorant is why these bullshit lies are allowed to persist.
The sad fact is many Americans don't have a clue as to what is really going on as far as the economy or anything of consequence. Rather many sit around after work and watch reality TV shows. But liberals cheer this 'great' news on unemployment and Odumbo makes sure to bring this up often enough so that the dummies actually believe it. Ask the average person on the street what the labor participation rate is and 90% wouldn't have a clue.
Good reason for a new round o Reps have been cheering it, too, and trying to take credit for it. At least until they realized the contradiction in that. As for the falling LFPR, get to used to it, it's been in decline for years and will continue to do so until most of the boomers are over 64 yo.
U.S. Adds 257,000 Jobs In January; Unemployment Rate Rises To 5.7 Percent AP/HuffPost Posted: 02/06/2015 8:31 am EST Updated: 2 hours ago "The U.S. economy added 257,000 jobs in January, as the unemployment rate rose to 5.7 percent, the Bureau of Labor Statistics reported Friday." "WASHINGTON (AP) — U.S. employers hired at a stellar pace last month, wages rose by the most in six years, and Americans responded by streaming into the job market to find work. "The Labor Department said Friday that the economy gained a seasonally adjusted 257,000 jobs in January, and added far more in previous months than originally estimated. Businesses added 414,000 jobs in November, the government now says, the most in 17 years. Total job gains in December were also revised higher, to 329,000, up from 252,000. "Average hourly wages, meanwhile, jumped 12 cents to $24.75, the biggest gain since September 2008. In the past year, hourly pay has increased 2.2 percent. "The unemployment rate rose to 5.7 percent from 5.6 percent. But that's not necessarily a bad thing. More Americans began looking for jobs, though not all found work. Their job hunting suggests they are more confident about their prospects. "That is ahead of inflation, which rose just 0.7 percent in 2014. The sharp drop in gas prices in the past year has held down inflation and boosted Americans' spending power. Still, wages typically increase at a 3.5 percent pace in a fully healthy economy. "Strong hiring pushes up wages as employers compete for fewer workers. Job gains have now averaged 336,000 a month for the past three months, the best three-month pace in 17 years. Just a year ago, the three-month average was only 197,000. "The Federal Reserve is closely monitoring wages and other job market data as it considers when to begin raising the short-term interest rate it controls from a record low near zero. The Fed has kept rates at record lows for more than six years to help stimulate growth. Most economists think the central bank will start boosting rates as early as June. "Steady economic growth has encouraged companies to keep hiring. The economy expanded at a 4.8 percent annual rate during spring and summer, the fastest six-month pace in a decade, before slowing to a still-decent 2.6 percent pace in the final three months of 2014. "There are now 3.2 million more Americans earning paychecks than there were 12 months ago. That lifts consumer spending, which drives about 70 percent of economic growth. "More hiring, along with sharply lower gasoline prices, has boosted Americans' confidence and spending power. Consumer confidence jumped in January to its highest level in a decade, according to a survey by the University of Michigan. And Americans increased their spending during the final three months of last year at the fastest pace in nearly nine years."
Millions don't care if Fox and O'Reilly lies to them , they only care when Obama and The Bureau of Labor Statistics do. ------------------------------------------------------------------------------------------------------------ U.S. Adds 295,000 Jobs In February; Unemployment Rate Falls To 5.5 Percent. The U.S. economy added 295,000 jobs in February, as the unemployment rate fell to 5.5 percent, the Bureau of Labor Statistics reported Friday. More from the AP: WASHINGTON (AP) — U.S. employers extended a healthy streak of hiring in February by adding 295,000 jobs, the 12th straight monthly gain above 200,000. The Labor Department said Friday that the unemployment rate fell to 5.5 percent from 5.7 percent. But the decline in the rate occurred mainly because some people out of work stopped looking for jobs and were no longer counted as unemployed. The strong job gains weren't enough to boost wages by much. The average hourly wage rose just 3 cents in February to $24.78 an hour. Still, over the past 12 months, 3.3 million more Americans have gotten jobs. Mark Zandi, chief economist at Moody's Analytics, expects the economy to grow 3 percent this year, which would be first time it's reached that level in a decade. That's fast enough to support hiring of about 250,000 a month, he said.
Yes, because the BLS making up the employment situation has the same impact as an entertainment host slanting the truth. What a fucking clown you are.
And to the "great" unemployment numbers you are so keen to crow about... The Recovery Is Complete: America Adds Most Waiters And Bartenders Since 2013 The last time the US economy was said to be about to blast off into an "above consensus" growth phase, and when everyone predicted a recovery was "just around the corner" sending the 10 Year to 3%, was the second half of 2013, right as the Fed was about to begin tapering QE3 (not because things were getting better but because it was about to run out of bonds to monetize as the TBAC warned the same summer). It was back then, and specifically August 2013, that said economy added a whopping 72 thousand waiters and bartenders according to the BLS. We are happy to report that in February, the US economy added a recovery-validating 58,700 waiters and bartenders, the highest monthly increase in this minimum wage category in 18 months. Surely the recovery is not only upon us, but it is time for the Fed to hike rates, because as the WSJ praised over the weekend, the "Waiter and bartender recovery" has truly arrived. Again. Source: All Employees: Leisure and Hospitality: Food Services and Drinking Places