EDITORIAL: Obama cooks the unemployment books Don’t believe bureaucrats, unemployment is really 11.4 percent
http://www.washingtontimes.com/news/2012/jan/9/obama-cooks-the-unemployment-books/The White House has trumpeted recent rosy employment figures, but in their guts Americans know things aren’t getting better. They should trust their instincts.
Jobs are the No. 1 issue going into the 2012 election, which makes the unemployment rate a particularly important indicator. Lately, the trend seems to be favoring the White House. The December unemployment numbers showed a drop to 8.5 percent, down 0.2 percent from the previous month and over half a percentage point from August. In the “jobless recovery,” small moves like that take on outsized significance.
According to the Bureau of Labor Statistics, in the last 12 months, a net of 1.5 million more Americans found work. This sounds like good news, but the civilian non-institutional worker population increased by 1.7 million over the same period, and the raw percentage of Americans working has basically flatlined at 58.5 percent. To the extent there are new jobs, it has more to do with the fact that there are more people creating more demand, not with any fundamental expansion in the economy.