Wednesday, August 8, 2012
Washington Jobs Propaganda: USA Unemployment Rate 8.3%
Bureau of Labor Statistics: Employment Situation Summary
Disclaimer: The following July 2012 employment and unemployment data is for United States federal government propaganda purposes only and bears no semblance to American macroeconomic reality. The disinformation has been approved by the two-party dictatorship for the pro wrestling theatrics that will ensue to deceive and/or entertain you. The commentary I provide below should be considered fiction related to the monthly Washington hogwash.
The U.S. government has issued the monthly statistical, political, and market madness called the jobs report. The July 2012 unemployment rate increased slightly to 8.3% and the underemployment rate edged up to 15.0%. The USA economy created a surprisingly strong +163,000 jobs and it was the 22nd consecutive month of job gains. (This is propaganda to mask how dismal the state of America is).
Net job losses were 8.66 million during the 2008 - 2009 Great Recession. Net job gains have been 3.93 million in the subsequent 2010 - 2012 recovery. That leaves 4.73 million jobs to be restored to get the USA to back to even, to the beginning of 2008. This does not count any net increase in people entering the work force since the end of the Great Recession. (This is probably the best-case scenario).
This jobs deficit and the structural shift in the economy to lower paying jobs explains some of why 50% of 2012 college graduates are unemployed or unemployed. This explains some of the reason 1 in 7 Americans receive food stamps and why just 1 in 4 households anticipate an improved financial situation during the year ahead. (This data is mostly likely true).
USA Labor Force Participation Rate The seasonally adjusted July 2012 rate decreased slightly to 63.7%. This is just above the April 2012 low of 63.6%, which was the lowest since December 1981. This means the inverse, 36.3% of all Americans 16-64 years old were not working for various reasons. The all-time high, since 1948, was a 67.3% participation rate in January through April 2000.
USA Employment to Population Ratio The seasonally adjusted July 2012 ratio decreased to 58.4%. This means the inverse, 41.6% of Americans 16+ years old are not working for various reasons. This ratio has been bottom bouncing, very little upward or downward movement, since September 2009. The ratio has been below 60% since March 2009. The all-time high, since 1948, was 64.7% in April 2000.
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