[Guest post by DRJ]
Tyler Durden explains how the BLS is fudging the unemployment rate:
“The only reason for the decline in the unemployment rate to 9.5% was yet another decline in the labor force participation rate, which according to the BLS dropped another 652k people in the month of June. This resulted in a labor force to the civilian non-institutional population ratio of 64.7%: the second lowest number in decades of data, and only better than December 2009, when this number was 64.6%.
… if there was a mean reversion to the last 10 year labor force participation average rate of 66.2%, there should be another 3.5 million jobless added to the 14.6 million tally. And as this differential is the easiest thing in the world for the BLS to fudge, adding the two and dividing by the labor force of 153,74, we get an unemployment rate of 11.8% …”
Americans need jobs but we can’t afford Obama’s choices for jobs: Not the $160K per job explained in Ed Morrissey’s Hot Air post on broadband technology, nor the $266K per job for Colorado solar projects.