The following article is from the former labor statistics head...
From http://www.foxnews.com/politics/201...-provide-accurate-reading-on/?test=latestnews
Think the economy is bouncing back quickly? Think again, says the former top number-cruncher in charge of the Washington Bureau of Labor Statistics.
Keith Hall tells the New York Post Thursday that the BLS, White House and media are wasting time focusing on an edited set of data and using it to paint an incorrect picture of the American jobs market on the mend. The current U.S. unemployment level is reported to be around 7.6 percent.
âRight now [itâs] misleadingly low,â Hall told the New York paper.
Hall, like many other economists, believes that the more accurate reading of Americans who want a job but canât find one is north of 10 percent.
Hall is now a senior research fellow at the Mercatus Center at George Mason University.
He says the jobless rate that grabs the most headlines -- called the U-3 -- doesnât factor in people who have stopped looking for work, but does count employed people who have clocked in as little as an hour of work during the prior month.
Hall says another more accurate indicator of the countryâs economic health is in the U-6 number, which factors in the underemployed. That number, he said, jumped in June to 14.3 percent from 13.8 percent the month before.
âThis has been a very slow, very bad recovery,â he said. âAnd I think the numbers have really struggled as a result. In fact, Iâve been very disappointed in the coverage of the numbers.â
The July monthly jobs report is scheduled to be released Aug. 2.
Read more: http://www.foxnews.com/politics/201...ate-reading-on/?test=latestnews#ixzz2ZQFLmrUZ
The "spread the wealth around" crowd are such idiots and liars. Socialism is where we all share what we don't have with everyone, a true fairyland if ever there was one. Obama's tax policies have killed off the recovery. Recovery has to be led by American consumers, he raised taxes and they reduced their spending. A booming recovery is unattainable unless the consumers not only spend but also start building houses. At that point construction workers would start spending and our American economy would be great. Housing starts is very weak and dropping off, we just passed the part of the business cycle where we should be booming and in a couple of years we will be in a really nasty contraction, it's easy to see that.
From http://www.foxnews.com/politics/201...-provide-accurate-reading-on/?test=latestnews
Think the economy is bouncing back quickly? Think again, says the former top number-cruncher in charge of the Washington Bureau of Labor Statistics.
Keith Hall tells the New York Post Thursday that the BLS, White House and media are wasting time focusing on an edited set of data and using it to paint an incorrect picture of the American jobs market on the mend. The current U.S. unemployment level is reported to be around 7.6 percent.
âRight now [itâs] misleadingly low,â Hall told the New York paper.
Hall, like many other economists, believes that the more accurate reading of Americans who want a job but canât find one is north of 10 percent.
Hall is now a senior research fellow at the Mercatus Center at George Mason University.
He says the jobless rate that grabs the most headlines -- called the U-3 -- doesnât factor in people who have stopped looking for work, but does count employed people who have clocked in as little as an hour of work during the prior month.
Hall says another more accurate indicator of the countryâs economic health is in the U-6 number, which factors in the underemployed. That number, he said, jumped in June to 14.3 percent from 13.8 percent the month before.
âThis has been a very slow, very bad recovery,â he said. âAnd I think the numbers have really struggled as a result. In fact, Iâve been very disappointed in the coverage of the numbers.â
The July monthly jobs report is scheduled to be released Aug. 2.
Read more: http://www.foxnews.com/politics/201...ate-reading-on/?test=latestnews#ixzz2ZQFLmrUZ
The "spread the wealth around" crowd are such idiots and liars. Socialism is where we all share what we don't have with everyone, a true fairyland if ever there was one. Obama's tax policies have killed off the recovery. Recovery has to be led by American consumers, he raised taxes and they reduced their spending. A booming recovery is unattainable unless the consumers not only spend but also start building houses. At that point construction workers would start spending and our American economy would be great. Housing starts is very weak and dropping off, we just passed the part of the business cycle where we should be booming and in a couple of years we will be in a really nasty contraction, it's easy to see that.
