The U.S. unemployment rate remains a bogus statistic
According to Friday’s labor report in the Washington Post, the U.S. unemployment rate fell 0.1% to 7.6% in March, but it wasn’t due the number of jobs being created.
The lower unemployment statistic was primarily due to another 496,000 workers who dropped out of the workforce, almost six times the number of jobs created (88,000), far below even the level needed to keep pace with population growth assuming the jobs created statistic is confirmed.
Economists had anticipated 200,000 new jobs being created during this so-called recovery. However, the size of the workforce actually fell to a new 30-year low.
A November 2012 post on that month’s workforce loss explains in greater detail how the unemployment statistics are bogus.
With 206,000 fewer people reported having a job, the proportion of Americans currently working actually decreased, proving the unemployment statistic is meaningless, until all the variables in the calculation are explained.
The Administration, as usual is not at fault. The Obama administration is, of course, blaming sequestration, because the federal government will only spend $25 billion more next year, instead of $68 billion more.
If there is even the slightest element of sequester terror to these job numbers, who could be held more at fault than Barack Obama, who employed a deliberate strategy of magnifying public anxiety over sequestration, and trimming federal operations in the most painful manner he could devise?
The unemployment rate, when considered singularly, is a bogus statistic. It doesn’t present the total picture of the economic recovery and when it can’t be explained away, the Obama administration has now made sequestration the culprit.