Saturday, October 20, 2012
Washington Jobs Propaganda: USA Unemployment Rate 7.8%
Bureau of Labor Statistics: Employment Situation Summary
Disclaimer The following September 2012 employment and unemployment data is for United States federal government propaganda purposes only and bears no resemblance 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, unless otherwise noted. Ask Big Brother and Ye Shall Receive what You Want to Believe!
The Washington politburo has issued the monthly statistical, political, and market madness called the jobs report. The September 2012 unemployment rate decreased to 7.8%, the lowest since January 2009. According to the corrupt and dysfunctional bureaucrats, happy days are here again or at least on the horizon! The underemployment rate was steady at 14.7%. The USA economy created a ho-hum +114,000 jobs and it was the 23rd consecutive month of job gains. (This is propaganda to mask how dismal the American economic situation is as the USA lurches into the post-industrial era of lower-paying service jobs, higher-paying manufacturing jobs outsourced overseas, robots replacing humans, and eventual bankruptcy).
Annual Jobs Gains (Losses) by Year Using the government's seasonally adjusted data, net job losses were 8.66 million during the 2008 - 2009 Great Recession. Net job gains have been 4.18 million in the subsequent 2010 - 2012 recovery. That leaves 4.48 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 underemployed. This explains some of the reason why 1 in 7 Americans receive food stamps and why half of all households anticipate declining living standards as their incomes fail to keep pace with inflation. Lowered expectations as the American Dream dies... (This data is probably true).
USA Labor Force Participation Rate The seasonally adjusted September 2012 rate increased slightly to 63.6%. The data continue dismal. This is just above the August 2012 low of 63.5%, which was the lowest since September 1981. This means the inverse, 36.4% 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, the peak of the American Empire.
USA Employment to Population Ratio The seasonally adjusted September 2012 ratio increased to 58.7%. This means the inverse, 41.3% 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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