BLS Numbers Game

According to the household survey, 115,000 fewer people were employed while the establishment survey showed a gain of 169,000 jobs. This is probably a continuation of the Obamacare effect, which has increased jobs as people have been cut back to less than 30 hours.

The unemployment rate fell to 7.3%, courtesy of a massive 516,000 increase in the number of people “not in the Labor Force.” This if course is a huge divergence from the more plausible Gallup poll which showed an 8.6% unemployment rate.

Anyway you parse it, this is a poor report. But good is good and bad is good thanks to the interference of the bubble-blowing Bernanke, so up we go. Travesty.

It should be patently obvious by now that QE is a failure whose most seriously negative consequences have yet to be seen. Even Bernanke is beginning to realize that he needs to follow the advice given to those in a hole: first, stop digging!

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