Check out some of the cheerleading headlines on the corporate owned websites after the jobs data today showing unemployment as having dropped from 9.5% to 9.4%:
“Economy sheds fewer jobs than expected”, “Stocks Jump After Strong Jobs Data”, “Jobless rate improves”.
Now, if you just look a little deeper you see:
Unemployment fell by 267,000 to 14.5 million, because the labor force declined by 422,000, which means the jobless rate fell because people dropped out of the work force, not because they got jobs.
An alternative measurement of unemployment (U6) that includes discouraged workers and workers forced to work just part-time is at 16.8%. The official reported (U3) unemployment number doesn’t include people who have stopped looking for work, or those who’s unemployment benefits have expired. Nearly 5 million people — more than a third of the unemployed in America — have been out of work for longer than six months.
The average person is going to just read or watch the headline news and swallow the propaganda hook line and sinker.
Don’t believe the hype.