The mainstream media is absolutely giddy that the U.S. unemployment rate has hit a “four-year low” of 7.7% but is unemployment in the United States actually going down?…Headlines all over the nation boldly declared that “236,000 jobs” were added to the economy in February, but what they didn’t tell you was that the number of Americans “not in the labor force” rose by 296,000. That is how they are getting the unemployment rate to go down – by pretending that huge numbers of unemployed Americans don’t want jobs. Words: 596; Chart: 1; Table: 1
So writes Michael (www.theeconomiccollapseblog.com) in edited excerpts from his original article* entitled The Chart That Proves That The Mainstream Media Is Lying To You About Unemployment.
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Michael goes on to say in further edited excerpts:
The Unemployment Rate Is Meaningless
The truth is that the percentage of working age Americans that have a job is just 0.1% higher than it was exactly three years ago [see below] – and we have not even come close to getting back to where we were before the last economic crisis. For example, more than 146 million Americans were employed back in 2007 but today, only 142.2 million Americans have a job even though our population has grown steadily since then. So where in the world is this “economic recovery” that they keep talking about?
At this point, the “unemployment rate” has become so meaningless that it really isn’t even worth paying much attention to. If you really want to know what the employment picture looks like in the United States, you need to look at the employment-population ratio.
As Wikipedia tells us, many economists consider the employment-population ratio to be far superior to other measurements of employment:
The Organization for Economic Co-operation and Development defines the employment rate as the employment-to-population ratio. It is a statistical ratio that measures the proportion of the country’s working-age population (ages 15 to 64 in most OECD countries) that is employed. This includes people that have stopped looking for work.
A chart of the employment-population ratio in the United States over the past several years is posted below…
As you can see, the percentage of Americans with a job fell from about 63 percent to below 59 percent during the last economic crisis. Since that time, it has not risen back above 59 percent. This is the first time in the post-World War II era that we have not seen the employment rate bounce back following a recession. At this point, the employment-population ratio has been below 59 percent for 42 months in a row.
Yes, we should be thankful that things have stabilized, but…despite the trillions of dollars that the U.S. government has borrowed, and despite the reckless money printing that the Federal Reserve has been doing, the employment situation in the U.S. has not turned around.
Data for the employment-population ratio from the beginning of 2008 is posted below:
So is there anyone out there that still wants to insist that the employment picture in the United States is getting significantly better?
Anyone that wants to claim that “unemployment is going down” should at least wait until the unemployment-population ratio gets back up to 59 percent. Otherwise they just look foolish….
You can believe the mind-numbing propaganda that the mainstream media is trying to feed you if you want. Unfortunately, the reality of the matter is that we have not recovered from the last major economic crisis, and another one is rapidly approaching. I hope that you are getting ready.
Editor’s Note: The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.
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