The Unemployment Rate under Barack Obama’s dismal economy rose to 8.3% in July, marking Obama’s 41st month of Unemployment over 8%.
But the horrible 8.3% figure doesn’t even tell the whole story. The rate that takes into consideration everyone who is so discouraged with Obama’s economy that they’ve given up even looking for work and those who take part-time jobs because full-time work is not available rose to 15%.
Don’t look to the media for truth in reporting this, though. Because of seasonal adjustments and other ways they can fudge the numbers, the Bureau of Labor Statistics was able to somehow find 163,000 new jobs in July, so that’s what leads every news article about the terrible job numbers.
Here’s the truth:
[T]he number was based on a non seasonally adjusted July number of 132,868. This was a 1.248 million drop from the June print. So how did the smoothing work out to make a real plunge into an “adjusted” rise? Simple: the BLS “added” 377K jobs for seasonal purposes. This was the largest seasonal addition in the past decade for a July NFP print in the past decade, possibly ever…But wait, there’s more: the Birth Death adjustment, which adds to the NSA Print to get to the final number, was +52k. How does this compare to July 2011? It is about 1000% higher: the last B/D adjustment was a tiny +5K! In other words, of the 163,000 jobs “added”, 429,000 was based on purely statistical fudging.
So looking at actual numbers, Obama’s economy lost 266,000. Lies, damned lies and statistics.
Last month’s reading of 80,000 new jobs was revised down to only 64,000. Look for July’s 163,000 guess to be revised downward next month as well.