You want a true picture of the job situation in the U.S.? At the rate of job growth for the past 18 months of the Obama administration, the U.S. economy will not get back to full employment until 2025!
Kudos to Ezra Klein of the Washington Post for "shining light" on the "jobs report" issued by Washington:
Wait, the U.S. economy actually lost 1.2 million jobs in July?: "The U.S. economy lost 1.2 million jobs between June and July. But that’s not how it got reported. When the Bureau of Labor Statistics (BLS) released its jobs figures for July, it said the economy gained 163,000 jobs. So what gives? BLS isn’t hiding anything. The discrepancy just has to do with what’s known as “seasonal adjustments.” The U.S. economy follows certain predictable patterns in hiring and layoffs every year. School districts always let workers go for the summer and hire in the fall. Retailers always staff up for the Christmas holidays and lay people off afterwards. Students always flood the labor market in June. So if we want to know how well the economy is doing, we want to know how many jobs were added after taking these predictable fluctuations into account. This is exactly what BLS does in its monthly jobs reports. As Jacob Goldstein of Planet Money points out, the U.S. economy had 1.2 million fewer jobs (pdf) in July than it did in June. But, according to the bureau, the economy still had 163,000 more jobs than one would’ve expected, given seasonal trends. That’s a sign of a steadily recovering labor market. So BLS reported it as a 163,000 gain in jobs. In theory, that makes sense. But some economists and analysts now wonder if the BLS seasonal adjustments are somehow off a bit. If the financial crisis and recession mucked with the seasonal ebb and flow of the economy, then the adjustments that BLS makes for its monthly reports might be a bit skewed. Some jobs reports might look much better than they actually are. And others might look worse. There’s some reason to suspect this is happening. . . . So look at the long-term trends. For the past one-and-a-half years, the U.S. economy has added about 152,000 jobs per month on average. It’s a decent, but certainly not terrific jobs recovery: According to the Hamilton Project’s jobs calculator, the U.S. economy won’t get back to full employment until 2025 at this pace. . . it’s probably more accurate to watch that long-run average than to fixate on any one monthly jobs report."
The Big Picture
Financial Crisis - The Telegraph
JohnTheCrowd.com | The Sailing Website
Craig Newmark - craigconnects
- ► 2015 (131)
- ► 2014 (368)
- ► 2013 (380)
- Contextual software or clueless software
- Blue States and Red States
- Fmr. Sec. of State Condoleezza Rice Speaks at RNC ...
- Goldman Sachs and the Sale Gone Horribly Awry
- Apple v Samsung - Who Really Won?
- Multimillionaire Obama
- EA v Zynga - is this the end for Zynga?
- Presidential TV ad spending focused on 9 states
- Apple v Samsung - a broken legal system - a defect...
- The "New" Montauk
- White House Press Corps Goes Seven Weeks Without a...
- Gawker looking stupid with its worthless 'Bain fil...
- "quote approval" - How Washington Controls the Med...
- Who is Mitt Romney? (video)
- Digital Media--old media just doesn't get it
- Is this the way Obama really talks?
- Passenger trains from Miami to Orlando - without O...
- Zuckerberg always said Facebook wasn't about makin...
- Law and Order Mississippi-style
- Lost Respect for Obama yet?
- London 2012 Olympics: NBC Clueless to the End
- Porn copyright trolls, pirates, AT&T and Comcast
- Back to School advice re: Tablets, PCs, iPads, Not...
- Silicon Valley and Obama's Solyndra
- Why are Obama Google+ posts appearing as news stor...
- Ryan v. Obama (video)
- Deficit Spending - Bush v Obama
- Facebook users beware: Facial Recognition Tech
- Obama Press Secretary Marries ABC Campaign Reporte...
- Is there something wrong with Romney's advisors?
- Freedom of Speech and "Chicago Values"
- The True Jobs Report (not so good)
- Curiosity lands on Mars--Success!!
- "We're Not Stupid" - words that may haunt Mitt Rom...
- Knight Shows How to Lose $440 Million in 30 Minute...
- The Cult of Equity is Dying--Bill Gross of Pimco (...
- London--the City within a City
- McCain "bitchslaps" Cheney for saying picking Pali...
- ▼ August (38)