Really Joe? 263,000 "jobs lost" and unemployment rate up to 9.8% does reflect a change in the trajctory of our economy,but it's hardly one to be joyful about. Not only that, Joe, the picture is a lot worse than those numbers show.
The Market Ticker shows us the numbers are far worse and should have us scared to death.
Weekly earnings are also down by $1.54, which is bad news too.
But the Household Data is VASTLY worse than reported. Here are the month-over-month changes, and they're in the realm of frightening. (all numbers in thousands)
Civilian Labor Force: 154,879 to 153,617 this month.
Employed: 140,074 down to 139,079 this month.
That's a loss of 995,000 jobs, not 263,000, and the labor force contracted by 1,262,000 people!
The participation rate was absolutely decimated, down 0.6% this last month alone. The people "not in the labor force" rose by a staggering 1,516,000 in the last month.
The government doesn't count people as "unemployed" who have given up and exited the labor force, but as I have repeatedly noted whether the government counts them or not the corner store owner sure as hell does!
The fact of the matter is that nearly 1 million fewer people were working in September as compared to August; there has been absolutely no improvement in that trend whatsoever.
So while our president is off spending money on an ill advised and failing effort to bring the Olympics to America's murder capital, the economy continues to spiral downward.
At the same time North Korea still has suffered none of the consequences we threatened and Iran is on the threshold of nuclear weapons capability. And let's not forget that our soldiers continue to die in Afghanistan while Barack weighs his options, something he already should have done if his previously voiced concerns were true.
America is in enormous trouble folks. Please remember that and vote to save her.
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