Friday’s payroll jobs report says that 96,000 new jobs were
created in August and that the unemployment rate (U.3) fell from 8.3% to
8.1%. As 96,000 new jobs are not enough to keep up with population
growth, the decline in the U.3 unemployment rate was caused by 368,000
discouraged job seekers giving up on finding employment and dropping out
of the work force as measured by U.3. Discouraged workers are not
included in the U.3 measure of unemployment, which makes the measure
useless. The only purpose of U.3 is to keep bad news out of the news.
the U.3 unemployment rate only measures those who have not been
discouraged by the inability to find a job and are still actively
seeking employment.
The government produces another unemployment measure, U.6, which
includes people who have been discouraged by the inability to find a job
and have been out of the work force for less than a year. This measure
of unemployment is 14.7%, a number that would get attention if
reported.
When the long-term (more than one year) discouraged workers are
included, the US unemployment rate is about 22%. In other words, the
real US rate of unemployment is almost three times higher than the
reported–headline rate–of 8.1%.
What is the purpose of reporting an unemployment rate that is about
one-third the real unemployment rate? The only answer is deception
through Happy News.
Let’s have a look at those 96,000 jobs. What kind of high-tech,
high-income super jobs is “the world’s only superpower, the
indispensable nation, the world’s greatest economy and capitalist
heaven” creating? The answer is lowly paid third world jobs, which is
why there is not and cannot be an economic recovery. All the good jobs
have been moved offshore in order to maximize the incomes of the rich.
According to the US Bureau of Labor Statistics (BLS), 28,300 of the 96,000 jobs or 29% are waitresses and bartenders. http://www.bls.gov/news.release/empsit.t17.htm
Health care and social services, primarily ambulatory health care
services and home health care services, provided 21,700 jobs or 22.6% of
the jobs.
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