Well ... some of the numbers are just made up ...
>Does anybody know the reality of the labor situation?
> And can you explain it for the rest of us?
Sure. We’re in Great Depression II, or perhaps a Greater Depression.
Actual unemployment according to the common sense meaning of the term is very probably 33%+.
If you’re familiar with Japan’s Lost Decades, we’re replaying that.
Anyone without in-demand marketable skills has a future of inconsistent employment and consistent poverty.
And everybody here at FR is whooping and hollering.
I can't understand it either.
These same FReepers spent the last 8+ years screaming that the employment and job numbers were nothing but lies.
I used to do research into certain aspects of the Chinese economy. Finally, a government official basically admitted to me, they just make it up. The central government gives the provinces a target, and they always manage to come in just above it.
Obama holdovers in the BLS.
Always remember.
If your neighbor is unemployed, times are getting hard.
If your brother in law is out of work, it is a recession.
If you are out of work, it is a depression.
Adp numbers are more useful.
I do think BLS numbers are cooked. Crank them up for O and crank them down for Trump.
We are coming out of the real Great Depression right now.
60% of all families have been affected by this depression, only 43% during FDR’s screw up.
I don’t have to economically respond immediately to BLS numbers. Which is good because I never believe the initial release but wait for the inevitable revision. I’m guessing that the new norm will be upward revisions now that Trump is in office. For Obama, it seemed that the revisions were mostly downward. Of course, the initial announcements come with much fanfare, the revisions with little.
Deep State trying to make Trump look very BAD!!!
The data cited is seasonally-adjusted data. Look at the non-seasonally-adjusted data for a better view of what is really happening.
The increase of jobs is in spite of reduction of part-time employment.
U-6 unemployment rate takes into account unemployment, discouraged, marginally attached workers and part-timers who would like full-time work. Since January, the official unemployment rate has fallen from 4.8 to 4.3 percent. This is great. Also since January, the official unemployment rate has fallen from 9.4 to 8.4 million. This is even better.
We need to maintain momentum to turn even more people around. We want everybody to feel good about looking for work, and seeking pay raises and benefits. This means we want to repeal and replace, and we want tax reform. A Trump America works for everybody and is a place where everybody works. No moochers. The safety net is for those who paid in while they were young and in good health.
To confuse things more the number of jobs created is based on establishment {employer} survey data while the number of unemployed is based on household survey data.
You might be interested in this article:
The Real Unemployment Number: 102 Million Working Age Americans Do Not Have A Job
By Michael Snyder, on June 4th, 2017
http://theeconomiccollapseblog.com/archives/the-real-unemployment-number-102-million-working-age-americans-do-not-have-a-job
John Williams web site:
It is a prescription site but has lots of free information on how BLS stats have been ‘enhanced’; in the mid 90’s long term unemployed began to be shuffled off to the not in the workforce bucket.
Unemployent calculated as it would ave been before mid 90 enhancements.
http://www.shadowstats.com/alternate_data/unemployment-charts