Barack Obama’s unemployment rate somehow managed to tick down .1% to 8.2% in March, even as the economy added only 120,000 jobs, which is about half as many jobs as economists had been predicting.
So, as the Republican nominating contest wraps up and the fall General Election gets underway, the Unemployment Rate for the first time magically goes under what it was when Obama took office. How does that happen?
It’s not really magic. Like the old saying goes, there are lies, damned lies, and statistics. This is all three.
The drop in the unemployment rate, to the lowest level since January 2009, reflected a drop in the labor force. The separate household survey, from which the jobless rate is derived also showed a drop in employment.
The private sector added 121,000 new positions in March, while government employment edged down 1,000.
If you can’t convincingly lie about an increasing number of people out there getting jobs, lie about a decreasing number of people out there trying to get jobs. The mathematical outcome is the same.
As “Tyler Durden” at Zero Hedge notes, the government has jacked the number of adults “not in the labor force” up to an all-time high of about 88 million.