Here is how a failed Administration pretends that unemployment is dropping:
1. Ignore this fact…
[S]ince January 2009, for every person added to the labor force, 10 have been added to those not in the labor force. Here’s a chart showing the dwindling labor force:
“For Every 1 Person Added To Labor Force Since January 2009,” the chart reads, “10 People Added To Those Not In Labor Force.”
That is, in nearly the four years, since President Obama took office in January 2009, only 827,000 people have been added to the labor force, while during that same time period, 8,208,000 have been added to those not in the labor force.
2. Leave out a big state from the latest stats and hope no one notices when the numbers are revised upwards the following week…
Indeed, it seems [last week’s] data was skewed by a large state failing to report quarterly figures. “Some are saying it was California, though we cannot confirm that,” says FTN Financial economist Chris Low. “As a result, the reported plunge in claims is suspect. We expect claims will continue trending lower through the quarter, as there is strong seasonal bias downward anyway…But the big drop this week will likely be revised or be followed by a pop upward [this week].”