GOOD NEWS … OR “TOO GOOD TO BE TRUE?”
|| By FITSNEWS || The federal government’s monthly jobs report is out (.pdf here), which means it’s time to pull out the scalpel and see what’s inside.
We’ll start with the only number the mainstream media focuses on: The unemployment rate. According to the U.S. Bureau of Labor Statistics (BLS), that rate modestly increased from 5.4 percent to 5.5. percent in May. Meanwhile the labor participation rate – which calculates the percentage of our country’s working age population with a job (a much more important measure) – ticked up from 62.8 percent to 62.9 percent.
Good news? Eh … it’s not bad news, necessarily, but the bottom line is nearly 93 million working age Americans remain out of the labor force.
All told, government bean counters say 280,000 new jobs were created in May.
Those are the “top line” numbers.
Now, digging deeper there was actually some good news this month on the wage front – with hourly earnings ticking up by 0.3 percent (above the 0.2 percent expected). Wages are up 2.3 percent from last May, too, which is the biggest year-to-year increase since 2009.
Also, good news …
The bad news?
Our inability to trust government data.
In fact, given the broader economic climate at the moment it would certainly seem as though reports of robust job and wage growth were less accurate indicators – and more leverage for the Federal Reserve bank to raise interest rates (i.e. raising the cost of borrowing).
Hopefully these numbers are legit. Hopefully – at long last – there is some real wage growth in this country.
But judging by the ongoing sluggishness of the economy as a whole (and the considerable drains on income government continues to impose), that seems doubtful.
Oh well, like we said hopefully we’re wrong …
19 comments
Holy crap Will – you actually ran it this afternoon instead of waiting for Saturday or Sunday. Good job on not pussying out this time. Your still full of crap – but at least you posted it timely. You might have the last sentence reversed, given the robust employment data, the climate may be a bad indicator of where we really are.
Come on, Will is just as suspicious of the bad numbers as he is the good ones! :)
Obama Has Lowest Average 1stQ GDP Growth of Any President on Record
The Central Banks Are Losing Control Of The Financial Markets. Super Shemitah year….expect total collapse of financial system in September
Oh my, better go buy more Gold – thanks Glenn, or are you Sean.
Not just gold, but silver and guns and ammo and land and survivalist gear and food supplies! I’ll give you a free book if you sign up for my $150-a-year newsletter that is totally legit!
I had gold last for dinner,.
You moron! If you want to scam people you have to tell them it is just around the corner! Don’t give specific dates, because then people can mock you when you are wrong, or worse, you could be slapped on the wrist by the SEC!
Jobs Data: 92,986,000 People Not in Workforce
Strange Deaths Surrounding Wall Street
Serious investigations never took place and similar deaths have occurred within the past 18 months all declared suicides
Another one of my minions spreading my filth from Infowars! Woohoo!
Now is a great time to be military type person. Given the future sentiment of the blowing winds. War is the best stimulator for a country as the USA !
The real unemployment rate is: the U-6 rate!
That includes everyone, not just the Fed’s Jury Rigged count.
The U-6 is at 10.6%.
That’s horrible and hasn’t really changed in many many months.
In March of 2010 it was actually 17%, last year around this time 12%…so there’s actually been improvement.
Of course, there’s been money supply growth every month for a LOOOONG time…so if you subscribe to ABCT…you know that a bust is coming when the money supply structure collapses….and possibly even some big digit inflation a la 70’s style stagflation down the road…but that’s a whole different discussion.
When Will Folks writes about the economy, it makes me feel “warm and fuzzy” all over.
When I read Will’s articles, sometimes I begin to “sweat and shake” all over.
Signed,
Nikki
♥✿✉⚓▼ 98$/hour@mk14
..
http://www.aGlobalworkWorldOrdinary/Goldfish/longlife...
“nearly 93 million working age Americans remain out of the labor force.”
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It’s those darned retired people and why are millions of people bothering with college when they could be working? Finally, what about those women who choose to stay home and raise their children like Mande and Liz?
Job creators need tax breaks – that’s the problem.
Lower corporate tax rates… give CEO’s a bigger salary… outsource.