What are the real numbers? Who do you believe. The bureau of Labor Statistics, whom the Obama administration says can not be manipulated calculates it's numbers in a way you might not have thought of .
Bureau of Labor statistics are based on assumptions and are often corrected long after being released. So are we heading in the right direction the new number is 7.8 better than 8.1 right?
The numbers being released, the ones you are hearing most about are incomplete. Most pros say the U6 data which includes part time workers unable to find full time work is in the double digits.
The numbers you are hearing about are the new hires or the U3 data which says we picked up 114 thousand non farm jobs. in September.
Here is what you need to know, the 114 thousand jobs being ballyhooed is well below the number just to satisfy new entries into the job force such has high school or college graduates.
114 thousand new hires will not move the needle. So why did the un-employment numbers go down. Simple the long term un-employed are being moved off the labor force charts.
This does nothing to improve the economy. it's dishonest to say the job picture is brighter, it's not sleight of hand but just a factor in the way the numbers are compiled.
To make matters even worse the new jobs created pay less, hurt our purchasing power and make us overall a less wealthy country.
This is what they call the new normal. I hope this is not the change President Obama promised.
write me: DanRivers@ClearChannel.com