September Unemployment: The Job Loss Accelerates
Geoff notes:
Once again, the unemployment rate would have risen by a much larger amount if the civilian labor force hadn’t lost 570,000 people since last month. As we mentioned in previous posts, the labor force normally increases by ~ 150,000/month, so that’s a huge, very unusual, decrease. In fact, had the labor force size simply remained the same, the unemployment rate would have jumped to 10.2%
The New Bull Economy is not coming to a store, mall, theater - or home - near you any time soon.
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O.k., I am not an economist, and maybe I missed something in an earlier discussion.
So - where did those 570,000 disappear to?
Those are - what? - total retirees? People who used up their unemployment bennies, and disappeared from the Fed statistical radar? Former workers slaughtered wholesale by The Prince Of Darkness, with their bodies incinerated and the ashes shot into space?
Or is this (as I suspect) purely some more Gubmint jiggery-pokery with numbers? And if so, how do they account for this “loss from the workforce”?
Doesn’t much sound like “jobs saved” to me - more like the opposite…
Can someone help me out, here?
Agreed - more like The New Bullshit Economy: Same ol’ Gubmint bullshit, just a shiny new exterior on it - you can’t shine shit, but you can cover it with purty sparkles.
Still stinks, though.
JB, those 570k are, as you suspect, “Those are - what? - total retirees? People who used up their unemployment bennies, and disappeared from the Fed statistical radar?”
It’s part of the government magic that if you’re really unemployed for a long time you magically become reclassified as no longer unemployed.
But you know this.
What that means is that 570k have been out of work for a long time. If they were still being counted in the primary unemployment numbers, they’d be a lot higher.
But they are still being counted - just in a different statistic.
Yeah, ya caught me…
I knew what was really going on - the “money quote”:
I’m more than old enough to have seen this sort of Gubmint “statistical” jiggery-pokery (aka: Lying With Statistics 101a) before - multiple times.
I have even been an individual part of that “dropped-out-of-the-workforce” lost-in-Gubmint-space demographic on a previous occasion - and may well become a part of the current version of that statistical lie, if current conditions prevail for long enough.
I simply tend to react badly, when once again confronted with the bureaucratic book-juggling this crap represents. It’s even worse these days, what with this “most transparent Administration evah” allegedly in charge.