Monday, January 11, 2010

10% unemployment # is BULLS***

The labor force contracted by 661,000. This did not show up in the headline jobless rate because so many Americans dropped out of the system. The broad U6 category of unemployment rose to 17.3%, according to the UK Telegraph

Nearly 600,000 people are not counted among the "Unemployed"in December, even though they were included in November.
In October there were 138,242,000 people working. Unemployment was listed as 10.1%
In November there were 138,381,000 people working. Unemployment was listed as 10%.
So far so good.
Well in December there were 137,792,000 people working, That is 450,000 less people working than in October. That is 589,000 less than November, but the official unemployment rate stayed the same.
When President Obama was inaugurated 142,221,000 people were working, and there were 80,599,000 people not in the workforce. In December 137,792,000 were working and there were 83,865,000 people not in the workforce. That is 3.26 Million people who are not counted anymore

The workforce was listed as 154,140,000 in January 2009. It dropped to 153,720,000 in November, and further dropped 10 153,059,000 in December 2009. That is a 1.08 million person drop. Where did they go?

The official unemployed number is 15.27 Million
If you add all the "new" people not in the workforce, and the official unemployed, that comes out to 18.5 million people who are not working.