CNN Money tries to spin the phony job numbers into a positive story to support Hillary
The phony job numbers are being used to pretend we have a growing economy. Notice the spokesmodel actually says that Trump people will look for bad news in the report for political reasons. They won’t have to look very hard!
The unemployment rate went up but that’s good news? Her explanation is that the unemployment rate normally discounts people who have given up looking for a job.
Mike Shedlock writes:
The official unemployment rate is 4.9%. However, if you start counting all the people who want a job but gave up, all the people with part-time jobs that want a full-time job, all the people who dropped off the unemployment rolls because their unemployment benefits ran out, etc., you get a closer picture of what the unemployment rate is.
Some of those dropping out of the labor force retired because they wanted to retire. The rest is disability fraud, forced retirement, discouraged workers, and kids moving back home because they cannot find a job.
But there is more reason to believe that the rate is based on phony jobs numbers. Both surveys used to calculate the unemployment rate are deceptive.
It’s important to put the jobs numbers into proper perspective.
In the household survey, if you work as little as 1 hour a week, even selling trinkets on EBay, you are considered employed.
In the household survey, if you work three part-time jobs, 12 hours each, the BLS considers you a full-time employee.
In the payroll survey, three part-time jobs count as three jobs. The BLS attempts to factor this in, but they do not weed out duplicate Social Security numbers. The potential for double-counting jobs in the payroll survey is large.
Team Trump should expose these phony job numbers! The fact is, this “recovery” under Obama is the lowest growth since World War II.