The economy for the last quarter grew at a rate of 1.3%, which is almost a standstill. And it is lower than the previous quarter, which was lower than the quarter before that!
The BLS (Bureau of Labor Statistics) is tasked with an almost impossible job. To take a snapshot of the overall employment in such a fluid and dynamic economy involves many variables and assumptions. Frankly, what it boils down to is the WAG method (a wild ... guess).
The labor participation rate fell to 63½%. Part-time work is astronomically high and note that according to the BLS working 1 hour a week counts as part-time work.
The number posted represents a .5% drop over only two months! Our economy would have to be growing at a tremendous rate for this to be real. The figure they released (7.8%) just doesn’t make sense and calls into question the credibility of the bureau. It smacks of politics. And that's a disappointing thing to say about a group with a reputation for being professional and non-partisan.
Good job again Rick. This one is right up there with the Nobel Peace Prize going to someone before they’ve done anything.
everyone is wise to...
SURPRISES & GOOD NEWS just before the election.
If I remember correctly in the 41 out of 44 months every initial unemployment rate has had to be adjusted UP the following week?
Did they get it right finally?
Or, is it like the husband said the wife. "That's my story and I sticking too it."?
The Augusta Chronicle ©2016. All Rights Reserved.