“Reading out the figures in a shrill, rapid voice, he proved to them in detail that they had more oats, more hay, more turnips than they had had in Jones’s day, that they worked shorter hours, that their drinking water was of better quality, that they lived longer, that a larger proportion of their young ones survived infancy, and that they had more straw in their stalls and suffered less from fleas.”
– George Orwell, Animal Farm, Ch. 9
Alright, I’ve been tracking the weekly jobless claims numbers all last month. We were hemorrhaging jobs. Now, the monthly report comes out and it dropped to 9.7 percent? Give me a break!
I just knew this was going to happen the moment I had read, the other day ,that the Labor Department was going to “adjust” their jobless rate report.
This report is about as accurate as using a crayon to write the bible on a grain of rice! Be sure to check out all the fudging of numbers and jumping through hoops they had to do to get it down to a still whopping 9.7 percent:
January unemployment rate drops unexpectedly to 9.7 percent; employers cut 20,000 jobs
By Christopher S. Rugaber, AP Economics Writer , February 5, 2010
via YahooNews
WASHINGTON (AP) — The unemployment rate dropped unexpectedly in January to 9.7 percent, while employers shed 20,000 jobs, according to a report that offered hope the economy will add jobs soon.
The unemployment rate dropped from 10 percent because a survey of households found the number of employed Americans rose by 541,000, the Labor Department said Friday. The job losses are calculated from a separate survey of employers.
[Hey, Labor Department, here’s a news flash for you; Homeless people don’t have telephones, nor do they have households!!! Therefore, you survey is useless! ]
Excluding the beleagured construction industry, which shed 75,000 jobs, the private sector added 63,000 positions.
The unemployment rate fell to its lowest level since August. John Silvia, chief economist at Wells Fargo, said the decline wasn’t a result of a shrinking labor force, which has held the rate down in previous months.
“It simply was, people found jobs,” he said. The report is “consistent with continued improvement in the labor market.”
The department also revised its past employment estimates to show that job losses from the Great Recession have been much worse than previously stated. The economy has shed 8.4 million jobs since the downturn began in December 2007, up from a previous figure of 7.2 million.
That’s the most jobs lost in any recession, as a percent of total employment, since World War II.
The figure for November was revised higher, however, to show a gain of 64,000 jobs. That was initially reported as a gain of 4,000.
[…]
So, there you have it. We had a net loss of 20,000 jobs last month and the unemployment rate magically dropped 0.3 percent. Well, that’s good news, actually, because now we know for sure that Obama can magically lower the unemployment rate without another one of those trillion dollar stimulus packages. Therefore, the new stimulus package…err…”jobs bill” is definitely not needed anymore, am I right?
Opinionated Infidels