Politicians and government suck holes, yes, numbers no. Until the consumer is made whole the economy is in DEPRESSION!!!
Ironically, two consecutive horrendous household surveys following months of weak regional Fed manufacturing surveys was enough for me to say on September 7, 2012 Yes, Virginia, It's a Recession. Quick Notes About the Unemployment Rate US Unemployment Rate -.2 to 8.1% This month the number of people employed fell by 119,000. In the last two months, the number of people employed fell by 314,000! In the last year, the civilian population rose by 3,695,000. Yet the labor force only rose by 971,000. This month the Civilian Labor Force fell by 368,000. Last month, those "not" in the labor force increased by 348,000 to 88,340,000, another record high. This month we set another record high with a whopping 581,000 dropping out of the labor force. If you are not in the labor force, you are not counted as unemployed. In the last year, those "not" in the labor force rose by 2,723,000 Over the course of the last year, the number of people employed rose by 2,347,000. Participation Rate fell .02 to 63.5%; There are 8,031,000 workers who are working part-time but want full-time work, a decrease of 215,00. This one the only bright spot in the report. Long-Term unemployment (27 weeks and over) was 5.033 million a decline of 152,000 (likely an artifact of the decline in the labor force). Were it not for people dropping out of the labor force, the unemployment rate would be well over 11%. Over the past several years people have dropped out of the labor force at an astounding, almost unbelievable rate, holding the unemployment rate artificially low. Some of this was due to major revisions last month on account of the 2010 census finally factored in. However, most of it is simply economic weakness. In response to that weakness the Fed responded with P
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