“A lie told often enough becomes truth” – Vladimir Lenin.
The Government-programmed mass financial media gleefully reported this morning that the “jobs recovery” continues as the Government is telling us that 295,000 jobs were produced in February and the employment rate dropped to 5.5%. Unfortunately, those headline statistics are complete Orwellian propaganda. In fact, as I will demonstrate using the same payroll report used to derive the headline numbers, the employment situation in this country continues to get worse by the month.
The table below comes from the Bureaus of Labor Statistics actual employment report (BLS – Household Data Table A-1) – please click to enlarge:
I’ve highlighted the most important data. According to the Government’s own statistics, the working age population (“civilian noninstitutional population) grew by 176k in February BUT the number of people in the labor force declined 178k. The labor force participation rate once again declined to 62.8% – a level of employment as a percent of the working age population not seen since the late 1970’s. This is the definition of an employment depression.
According to the Government’s own numbers per the household survey above, the number of people employed increased by 95,000. BUT the number of people “not in the labor force” increased 354,000.
Those are the relevant numbers that need to be examined and debated. Not the statistically manipulated garbage that the Government feeds into the media headlines. The employment situation grows worse by the day in this country. Tens of thousands of oil industry workers have already been fired this year. Hewlett Packard just announced 54,000 job cuts. IBM is cutting over 100,000. Both of those totals are for the global operations but a significant number will occur in this country.
As just one example of the Government lies embedded in the headline statistics, the BLS is reporting that construction added 29k jobs. Yet, we found out yesterday that construction spending plunged 1.1% in January (Wall St. was expecting a .3% gain). Retailers supposedly added 32k jobs in February. Yet, we know that several retailers filed chapter 11 in January/February. This list goes on.
If you have not watched it yet, this is a must-see short video by John Titus of Bailout Films which explains in detail how the monthly Government payroll report is a complete farce: The Fed Is Blowtorching The Economy With QE.
The bottom line is that the Government’s non-farm payroll report has zero credibility. Moreover, it grows more absurdly fraudulent by the month.