Gallup shows a “significant deterioration” in unemployment since mid-January, meaning unemployment is worse, and when you consider that January statistics were grossly manipulated, the economy is not getting better. The Consumer Price Index forecasts prices rising at 3.1% annually – “laughably low.” Inflation is 8.1%, the honest Misery Index 16.4%.
Zerohedge believes Gallup is the measure to look to for truth – From Gallup:
U.S. unemployment, as measured by Gallup without seasonal adjustment, increased to 9.1% in February from 8.6% in January and 8.5% in December.
Gallup’s conclusion… “Regardless of what the government reports, Gallup’s unemployment and underemployment measures show a substantial deterioration since mid-January.
In this context, the increase in unemployment as measured by Gallup may, at least partly, reflect growth in the workforce, as more Americans who had given up looking for work become slightly more optimistic and start looking for work again.
So while there may be positive signs, the reality Gallup finds is that more Americans are looking for work now than were doing so just six weeks ago….In mid-February, Gallup reported that its U.S. unemployment rate had increased to 9.0% from 8.3% in mid-January.
The mid-month reading normally provides a relatively good estimate of the government’s unadjusted unemployment rate for the month.” Ahh..Unadjusted.
As for tomorrow, expect the BLS to continue in treating seasonally-adjusted Americans like idiots, and pushing the disconnect between the economy as seen by DC bureaucrats and Joe Sixpack to record spreads…
The 0.5-percentage-point increase in February compared with January is the largest such month-to-month change Gallup has recorded in its not-seasonally adjusted measure since December 2010, when the rate rose 0.8 points to 9.6% from 8.8% in November. A year ago, Gallup recorded a February increase of 0.4 percentage points, to 10.3% from 9.9% in January 2011.
In addition to the 9.1% of U.S. workers who are unemployed, 10.0% are working part time but want full-time work. This percentage is similar to the 10.1% in January, but is higher than the 9.6% of February 2011.
So what is the true inflation rate?
Fortunately, the folks at the American Institute of Economic Research have resurrected the idea. Their Everyday Price Index (EPI) strips away the cost of big-ticket items, like homes and cars, and looks at the cost of things that consumers encounter on a daily or monthly basis, such as groceries, prescription medicine, and telephone and cable bills. By that measure, the Everyday Price Index shows inflation galloping ahead at an 8.1 percent annual rate, a reading that would put the current Misery Index at a Carter-like 16.4 percent — not a good recipe for re-election.
Averaging the CPI and the EPI gives us a rate of 5.6 percent, a number most New Yorkers, and probably most Americans, would consider on the mark.
By that estimate, the Obama Misery Index comes in at 13.9 percent, higher than that of any president up for re-election since Carter in 1980, but not too far above the 12.4 percent misery reading when Ronald Reagan ran in 1984.
The Economic Populist: The Bloom Comes Off the Unemployment Report Rose:
The new official unemployed tally is 12,806,000. The average length of unemployment is still very high, 40.0 weeks, even while dropping a 10th of a percentage point from last month.
People unemployed for 27 weeks or more is now 42.6% of the total unemployed, or 5,426,000 million and a seasonally adjusted drop of 92,000 from last month. This percentage has barely budged as a percentage of total unemployed in comparison to pre-recession and historical levels.
Speaker John Boehner (R-OH), your press release on February unemployment is pathetic. You desperately need tutoring. Please be informed with reliable data before speaking about unemploymen. Then check-in with Texas Congressman Bill Flores (R). Saying something similar to the following would be helpful from the most powerful voice in Congress:
Rep. Flores: For the 37th consecutive month the Obama economy has continued to have a disappointingly high unemployment rate of over 8 percent. The president’s failed policies are continuing to hold back our economic growth and American job opportunities. As a former entrepreneur and job creator, I know firsthand that by reducing regulatory burdens and reforming the tax code we can give small businesses and entrepreneurs renewed confidence in our economy.
This is a proven strategy—all we have to do is look at the Reagan recovery of the 1980s. If the Obama administration would follow our proposed economic model, it is projected that almost 17 million more Americans would be working today and that our GDP would be about $5,700 higher for every American man, woman and child. House Republicans have diligently been working throughout the 112th Congress on the Plan for America’s Job Creators, and yesterday passed H.R. 3606, the JOBS Act which would improve access to capital for startups and small businesses.
“In addition to continued high unemployment, skyrocketing gas prices are another painful part of the failed Obama economic model. Since 2009 we have seen the national average price of gasoline more than double. Our focus as a country must turn towards access to domestic energy sources that will create American jobs, grow our economy, and reduce our nation’s dependence on sources from foreign countries. Instead of relying on proven policy options like the Keystone XL pipeline, the president continues to waste the resources of hardworking American taxpayers on failed solutions like Solyndra. House Republicans will continue to press for an ‘All of the Above’ energy strategy based upon proven technologies.”
About the graphic, which is courtesy of America Speaks Ink, with a Conservative Congress everything can change. Congress holds the power. Congress can change the Bureau of Labor Statistics, The Congressional Budget Office, the way Executive and Signing Orders are issued, how legislation is presented and voted upon, how spending is authorized and appropriated. America, pay attention to your local candidates for the U.S. House and U.S. Senate.
Related and Background: