Outside of the federal government's Bureau of Labor statistics, the Gallup polling organization also tracks the nation's unemployment rate. While the BLS and Gallup findings might not always perfectly align, the trends almost always do and the small statistical differences just haven't been worthy of note. But now Gallup is showing a sizable 30 day jump in the unemployment rate, from 7.7% on July 21 to 8.9% today.
Are the reports of an Obama economic recovery based on the economy creating mostly part-time jobs and on manipulated government statistics that report an artificially low unemployment number?
According to John Williams, an economist known for asserting the government reports manipulated “shadow statistics” of economic data for political purposes, the real unemployment rate for July 2013 was 23.3 percent, not the 7.4 percent reported by the Bureau of Labor Statistics.
Here's the real unemployment rate
Originally posted by Wrabbit2000
Sounds like the people in charge of cooking the books this time either lost the recipe or used the wrong one. I don't think it's supposed to jump 1% or more in a single bump.
That can't make for a happy day around the White House.
Originally posted by highfreq
Some should take in to consideration that the school season for high school as well as college has kicked off. A lot of "kids" have left there seasonal jobs for school....
Originally posted by JBRiddle
reply to post by xuenchen
The "Real" Unemployment number is around 23.4%, They have been doing creative accounting for the last several years by cooking the books.
But you can only hide a problem this huge for so long before the damn breaks and it is breaking now!
BTW 23.4% Unemployment is "Great Depression" level unemployment.
During the worst years of the "Great Depression" unemployment hit 24.4%. If things get worse economically we could break this record.
In economics, a depression is a sustained, long-term downturn in economic activity in one or more economies. It is a more severe downturn than a recession, which is seen by some economists as part of the modern business cycle. Considered by some economists to be a rare and extreme form of recession, a depression is characterized by its length; by abnormally large increases in unemployment; falls in the availability of credit, often due to some kind of banking or financial crisis; shrinking output as buyers dry up and suppliers cut back on production and investment; large number of bankruptcies including sovereign debt defaults; significantly reduced amounts of trade and commerce, especially international; as well as highly volatile relative currency value fluctuations, most often due to devaluations. Price deflation, financial crises and bank failures are also common elements of a depression that are not normally a part of a recession.