The drop in unemployment the Obama Administration reported for January is totally phony. Real, unweighted data showed an increase from 9.1% to 9.8% in joblessness rather than a cut in the highly weighted figure from 9.4% to 9.0%.
Put those weighted numbers on a diet!
Economist Jim Fitzgibbon, head of the Highlander Fund, calls the report “worthless” noting that “the entire report is seasonally adjusted to be positive while the non-seasonally adjusted data is just awful.”
While the seasonally adjusted jobless rate dropped from 9.8% in November to 9.0% now, the non-adjusted data went from 9.1% in November to 9.8% now – the exact reverse!
Go to the Bureau of Labor Statistics for the real data:
Fitzgibbon calls the entire report a “statistical mirage.”
Monday, February 07, 2011
Everyone needs to lose their job and quit looking then the unemployment rate would be at zero!
Posted by traderrob at 6:24 AM