Record 1.2 Million People Fall Out Of Labor Force In One Month

Tsing Tao · Feb 4, 2012

Quote from CaptainObvious:

Who knows what the real numbers are, but there's one thing we can be absolutely sure of. If we were looking at a McCain/Palin administration and the DOW was up 6000+ points since spring of 2009, unemployment numbers trending down, GDP growth for multiple consecutive quarters...well, I don't think the righties would be doing much pissing and moaning about how bad things are.

If the numbers that hypothetical administration put out were so bogus, and they had also squandered their 3 years in office changing nothing and simply reinforcing the broken system, I would be here in the exact same manner stating the exact same things.

Ricter · Feb 4, 2012

Quote from Tsing Tao:

Sir Goog-a-Lot strikes again.

From the article you posted:

What he is arguing is the change in this report versus prior report, NOT the overall LFPR. In fact, he states this multiple times in the article.

The LFPR is still at multi-decade lows, and the Jan report is still smoke and mirrors, creating the impression of a better than realistic job picture. Here's another angle to show it.

I know you like to drink the kool-aid, Ricter, so it's quite possible you will never have the wool removed from your eyes. If a man doesn't want to see, I guess he doesn't want to see.

You need to follow the second link in the article. And as we've already established, and which you've admitted, the LFPR is an insufficient tool, it obscures things. At any rate, as pointed out, when the Census data is used to update the formula, specifically the denominator, you'll arrive at this 1.2 million drop in one month which is simply untrue--it did not occur. Zerohedge, the more I see of it, is starting to look like garbage, though to be fair I realize the OP was just some guy blogging for the site.

Wallet · Feb 4, 2012

Quote from Ricter:

You need to follow the second link in the article. And as we've already established, and which you've admitted, the LFPR is an insufficient tool, it obscures things. At any rate, as pointed out, when the Census data is used to update the formula, specifically the denominator, you'll arrive at this 1.2 million drop in one month which is simply untrue--it did not occur. Zerohedge, the more I see of it, is starting to look like garbage, though to be fair I realize the OP was just some guy blogging for the site.

Ricter,

I wasn't blogging for Zerohedge. The article reinforces my belief that the official unemployment rate that's being reported is a complete farce. If we reported it like in the past we are way over 10%, the calculations were changed just for this purpose, to shade the figure.

Quit letting other people think for you and tell you what's the truth, do your own due diligence and then tell me you believe the unemployment rate is 8.3%

Ricter · Feb 4, 2012

Quote from Wallet:

Ricter,

I wasn't blogging for Zerohedge. The article reinforces my belief ...

Oops, maybe shouldn't have said that.

Anyway, I was referring to the writer for zerohedge, not you. That guy said, and I felt like trying to find out where he got it, or if it was merely a typo, "the non institutional population increased by 242.3 million".

Max E. · Feb 4, 2012

Santelli always hits the nail on the head.

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Tsing Tao · Feb 6, 2012

Quote from Ricter:

You need to follow the second link in the article. And as we've already established, and which you've admitted, the LFPR is an insufficient tool, it obscures things. At any rate, as pointed out, when the Census data is used to update the formula, specifically the denominator, you'll arrive at this 1.2 million drop in one month which is simply untrue--it did not occur. Zerohedge, the more I see of it, is starting to look like garbage, though to be fair I realize the OP was just some guy blogging for the site.

Where did I admit the LFPR is an "insufficient" tool? Where was this established? Eric gave one example where I agreed that I could see where he was coming from, but that's it.

I see you did not address the video I posted, wherein it is discussed that income tax withholding falling also supports the notion that the BLS stats are bunk.

Lucrum · Feb 7, 2012

http://www.bloomberg.com/news/2012-...understates-weakness-in-u-s-labor-market.html

"Federal Reserve Chairman Ben S. Bernanke said the 8.3 percent rate of unemployment in January understates weakness in the U.S. labor market.

âIt is very important to look not just at the unemployment rate, which reflects only people who are actively seeking work,â Bernanke said today in response to questions at a hearing before the Senate Budget Committee in Washington. âThere are also a lot of people who are either out of the labor force because they donât think they can find workâ or in part- time jobs..."

Wallet · Feb 7, 2012

Quote from Lucrum:

http://www.bloomberg.com/news/2012-...understates-weakness-in-u-s-labor-market.html

"Federal Reserve Chairman Ben S. Bernanke said the 8.3 percent rate of unemployment in January understates weakness in the U.S. labor market.

âIt is very important to look not just at the unemployment rate, which reflects only people who are actively seeking work,â Bernanke said today in response to questions at a hearing before the Senate Budget Committee in Washington. âThere are also a lot of people who are either out of the labor force because they donât think they can find workâ or in part- time jobs..."

What is it that you and the Fed Chairman don't understand?????

The unemployment rate is 8.3%

Let's PARTY !!!!!!