Unemployment Up From 8.6% January to 9.1% February 2012

The Bureau of Labor Statistics (BLS) unemployment report will be released tomorrow, March 9th. In the meantime, unemployment is still out-of-control, with only 216,000 private jobs created in February 2012 (January 2012 243,000 private sector jobs were reported) and approximately 28 Million people needing jobs.

Gallup February 2012 Unemployment

Gallup: “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…”

The Economic Populist:

Employment on large payrolls—those with 500 or more workers—increased 20,000, and

employment on medium payrolls—those with 50 to 499 workers—rose 88,000 in February.

Employment on small payrolls—those with up to 49 workers—rose 108,000 that same period.

Of the 108,000 jobs created by small businesses, 18,000 jobs were created by the goods-producing sector and 90,000 jobs were created by the service-producing sector…

Sorry folks, 200k job growth numbers are not stellar, we’re all simply used to seeing beyond belief, pathetic job growth numbers. We still have estimated 28 million people needing a job. Four Hundred thousand monthly job growth, on the other hand, would be something to sing hallelujah over.

CNN Money trumpets the 216,000 jobs, quoting Joel Prakken, chairman of Macroeconomic Advisers saying he is heartened. At the bottom of the article, the very last line, they report that January hiring was higher than February.

The January 2012 reports were statistically manipulated to an astonishing degree. We can’t believe any report the Government puts out.

Related and Background:

Statistical Manipulation – The Recovery That Isn’t Happening: Lies, Damned Lies and Statistics

Unemployment Rate Grossly Distorted – Here’s How It’s Done

 

Posted by Maggie @ Maggie’s Notebook

  • If the BLS says 9.1%, you can be sure the true number is closer to 16%. The more important number that they don’t want to talk about is how many people are not employed.

  • So let me see, using government logic, if I owe my mortgage company $2800 and send them a payment of $21.60 they should be happy?

  • That unemployment rate is up is probably a consequence of hyped up unemployment numbers of the few past months. People read the news, and thought that job situation had improved, so those who dropped out of labor force started job hunting again.