Skip to comments.Friday's Unemployment Report: Our Economic Nightmare Continues
Posted on 02/04/2013 6:29:55 AM PST by SeekAndFind
Friday's "Employment Situation" report from the Bureau of Labor Statistics (BLS) confirmed Thursday's dismal 4Q2012 GDP reading from the Bureau of Economic Analysis (BEA). Our economic nightmare continues.
During January, the "headline" unemployment rate increased to 7.9%, while the "real" unemployment rate (calculated at the 65.8% labor force participation rate when Bush 43 left office) rose to 11.0%. President Obama's $862 billion "stimulus" plan had promised to bring that number down to 5.3% by now. It didn't work.
The broadest measure of unemployment/underemployment, which is the "SGS Alternate Unemployment Rate" published by Shadow Government Statistics, remained at 23.0% in January, its highest level ever. This measure was at 17.6% when Bush 43 left office.
Also last month, America moved another 186,000 jobs away from full employment, to a total of 15.0 million. This made full employment 6.1 million jobs more distant than when Obama took office.
The latest GDP report illuminated why the employment situation isn't improving: the economy isn't growing. Real GDP actually contracted at a 0.1% rate in 4Q2012. Another such quarter and the National Bureau of Economic Research would likely have to declare that another recession has begun. Right now, consumer confidence is at a level normally only seen during recessions.
(Excerpt) Read more at realclearmarkets.com ...
The economic nightmare will only get worse as long as there's a communist in the white house bent on our destruction, with the aid of Harry Reid and the RINOs in the senate.
As Obamacare kicks in, this number will go only higher.
“As Obamacare kicks in, this number will go only higher”
Agreed. I don’t think most folks have a clue as to what is headed their way in 2014. Personally I think its going to be so bad the Legislature will have to step in Dem and GOP and at the very least dismantle some of it. Its going to crumble under its own weight but it will take the economy or whats left of it down also.
The Great Depression is going to look like a cakewalk.
We are on the right track.
It’s not socialism.