Real Unemployment (U6) Rate is now 14.3 percent.
The BLS Baffle Them With Bullshit propaganda report is out today. It’s another homerun of crappola. June payrolls according to one BLS report jumped by 195k and the previous months were revised higher. This immediately resulted in the Wall Street douchebags selling bonds and making the 10 Year soar by 20 basis points in seconds to 2.71%, a two year high. That will do wonders for that fantastic housing recovery. Despite the fact that the taper is now back on, stocks are set to lift off to the moon. I’m sure CNBC will have a brilliant analysis of how taper and soaring interest rates are now positive for the markets.
The great Birth/Death model added 132k phantom jobs in June. Even though all economic statistics have been showing declines over the last three months, the BLS drone excel spreadsheet model guesses that small businesses are adding thousands of jobs and at a greater pace than 2012. Everyone on this blog knows that small businesses are closing up shop and laying off people. Those 132k of new jobs did not happen. They will be wiped off the books one year from now in a Friday night press release.
But let’s look at the other BLS survey used to calculate the unemployment rate, which stayed the same at 7.6% despite the supposed increase in jobs. It ain’t so positive:
Here are the FACTS:
- The number of employed Americans went up by 160k, but the number of working age Americans went up by 189k.
- The number of unemployed has risen by 118k in the last two months.
- The participation rate and employment to population rate remain at three decade lows.
- Over 1.7 million Americans have supposedly left the labor force of their own free will in the last year.
- The U6, less fraudulent measure of unemployment soared from 13.8% to 14.3%, while the joke U3 measure stayed at 7.6%.
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