Posted on 08/06/2022 4:43:02 AM PDT by frogjerk
Total nonfarm payroll employment rose by 528,000 in July, and the unemployment rate edged down to 3.5 percent, the U.S. Bureau of Labor Statistics reported today. Job growth was widespread, led by gains in leisure and hospitality, professional and business services, and health care. Both total nonfarm employment and the unemployment rate have returned to their February 2020 pre-pandemic levels.
This news release presents statistics from two monthly surveys. The household survey measures labor force status, including unemployment, by demographic characteristics. The establishment survey measures nonfarm employment, hours, and earnings by industry. For more information about the concepts and statistical methodology used in these two surveys, see the Technical Note
(Excerpt) Read more at bls.gov ...
Midterms.
Thanks!
Shadow statistics has current unemployment at 25%. That makes sense given the very low labor participation rate reported in these numbers. The methodology of calculating unemployment has changed over the years to manufacture numbers that the government would rather pretend are true.
I read a nice dissection of the employment reports and the numbers they do report, once thoroughly analyzed, show fewer people working and more of those people are working multiple jobs. I believe the “seasonal adjustments” in this report are massive and the raw data they started with (even with the faulty methodology) were not good.
U6 is the old, old way of calculating employment, which is usually 3-4% higher than the headline rate. 25% is total bunk. U6 is currently 7.2%.
The official “unemployment rate” is not that high.
Of course that’s a politically manipulated number. The total employment rate....that is the percentage of people from 18 to 67 engaged in paid work....is the lowest its been in decades and decades.
and no, that’s not just by choice. When the economy is really humming, a lot of people who were not in the workforce get off the sidelines and join the workforce.
`Are they including jobs “saved” like 0bama did?
Is unemployment low because so many don't qualify any longer...that's the only thing that makes sense.
No, this is straight up ignoring and pretending that long term unemployed are invisible among other classic techniques to hide the truth. Sundance has a nice discussion on this government report.
This is driven almost entirely by demographics and by cultural dysfunction.
This number is a lot of BS. The RAT pundits are declaring this a great thing for Biden, when in reality it reflects thousands of Americans getting low paying paying part time jobs to help them pay bills due to the sky rocketing inflation rate.
Total Propaganda. Not based in fact.
Facts?
20% inflation. (worst possible tax)
Huge illegal alien influx continuing. Being housed and fed by the Fed Gov.
Property taxes increasing at huge rate.
Fed Gov is intent on destroying the entire economic system of the USA. Collapse the system. Cloward/Piven script for Communist takeover.
None of the MSM is interested in presenting reality. They would not know it if it bit them on butt.
Like with obama, they are claiming record low unemployment numbers, even though the labor participation rate has dropped like a rock.
Have done accounting all my life.
DO NOT believe 3.5% unempoyment
Total bull shiite
I think it's a combination of working age Baby Boomers wealthy enough not to work and Millennials who are still comfortable mooching off their parents and living in their basement.
Thank you!
Here is the money zerohedge quote:
“So what’s going on here? The simple answer: Fewer people working, but more people working more than one job, a rotation which picked up in earnest some time in March and which has only been captured by the Household survey.
“And since the Establishment survey is far slower to pick up on the nuances in employment composition, while the Household Survey has gone nowhere since March, the BLS data engineers have been busy goalseeking the Establishment Survey (perhaps with the occasional nudge from the White House especially now that the economy is in a technical recession) to make it appear as if the economy is growing strongly, when in reality all they are doing is applying the same erroneous seasonal adjustment factor that gave such a wrong perspective of the labor market in the aftermath of the covid pandemic (until it was all adjusted away a year ago). In other words, while the labor market is already cracking, it will take the BLS several months of veering away from reality before the government bureaucrats accept and admit what is truly taking place.
“We expect that “realization” to take place just after the midterms, because the last thing the Biden administration can afford is admit the labor market is crashing in addition to the continued surge in inflation.”
The "real story" is that those in favor of the present administration will believe the propaganda while those opposed will not. This applies to whatever administration is in power at the time of the publishing of said propaganda.
Forgotten in all this is the fact that these numbers are produced for public consumption by government bureaucrats seeking only to expand their fiefdoms, assure their next paychecks and protect their pensions.....by whatever means necessary.
In your case you have a geographic issue at work, too. It seems like every recruiter who contacts me is peddling a job posting in New York City. I’m sure there are many people like me who will never go back there even at gunpoint.
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