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Unemployment Numbers and Government Doubletalk

Posted by Steve Markowitz on March 18, 2013

Earlier this month the US government through the Bureau of Labor Statistics released updated employment figures that at first blush seemed positive.  The unemployment rate dropped to 7.7% and the BLS announced that its most recent survey shows the creation of 236,000 jobs.

Grant Williams of Mauldin Economics dug into the employment numbers and found a less rosy view than that promoted by the Obama Administration.  Williams determined that part-time jobs rose by 446,000 during this period indicating an actual net drop in full-time jobs of over 200,000.  Further, if those that dropped out of labor force were counted, the unemployment rate would actually exceed 11%.  Finally, the labor force participation rate in February was less than 64%, a low not seen since 1981.  Only the government can put a positive spin on such ugly statistics.

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