Is the Obama administration cooking the unemployment books? In today’s report just out the official unemployment rate dropped from 9.7% to 9.5%. The economy shed 125,000 jobs last month yet the unemployment rate dropped. The reasoning behind the drop is that 652,000 people left the workforce. We would then have expected the U-6 underemployment report to indicate a rise in underemployment. However, according to the government that rate also dropped from 16.6% to 16.5%.
There seems to be some explaining to do. How could both rates drop when there was a loss of jobs, a population increase, and a loss in people looking for work? Today’s report is suspect and leads me to believe that the administration is cooking the books. One would expect the numbers to increase in either the unemployment rate or the under employment rate with a loss of 125,000 jobs, 301,000 decrease in household employment, and 652,000 in job seekers. This report out today is dismal and unlike the President I don’t see an improving job market. There is more to this story then the inept President is letting on. I disagree with Obama, we are not headed in the right direction. His stimulus plan failed America and now his administration appears to be cooking the books as the Bureau of Labor Statistics reported numbers do not add up.