The Big Lie – Part 2

Last week we published an article titled Gallup Head Says Unemployment Rate is “A Big Lie” in it we said that, the big news is that Jim Clifton the CEO of Gallup said that unemployment is really closer to 9%. Here’s what he said:

There’s no other way to say this. The official unemployment rate, which cruelly overlooks the suffering of the long-term and often permanently unemployed as well as the depressingly underemployed, amounts to a Big Lie.

Today the editors of Elliott Wave International look at the implications of that statement and how it relates to inflation and deflation. ~Tim McMahon, editor

The “Big Lie” About the U.S. Jobs Picture

Some 30 million people are either out of work or severely underemployed

By Elliott Wave International

Editor’s note: You’ll find the text version of the story below the video.

The financial media has recently featured stories with an upbeat outlook for the U.S. economy.

For example: The economy is on track for “the fastest growth in a decade” (Associated Press), and “Experts expect jobs aplenty in ’15” (USA Today).

This upbeat tone is related to December’s U.S. jobless rate of 5.6%, its lowest since June 2008.

But [Continue reading]

Gallup Head Says Unemployment Rate is “A Big Lie”

BLS vs Gallup Unemployment RatesThe U.S. Bureau of Labor Statistics (BLS) released the Unemployment rate for January 2015 today. Adjusted U-3 unemployment rose “insignificantly” from 5.6% to 5.7%. Unadjusted unemployment rose more significantly from 5.4% in December to 6.1% in January. Unadjusted U-6 unemployment i.e. including discouraged workers who have given up looking plus those working part-time but seeking full-time employment jumped from 11.1% in December to 12.0% in January.

But the big news is that Jim Clifton the CEO of Gallup said that unemployment is really closer to 9%. Here’s what he said:

There’s no other way to say this. The official unemployment rate, which cruelly overlooks the suffering of the long-term and often permanently unemployed as well as the depressingly underemployed, amounts to a Big Lie.
[Continue reading]

Is the Government Fudging Unemployment Numbers?

BLS vs Gallup Unemployment Rates

What is the True Unemployment Rate? Comparing Bureau of Labor Statistics numbers to an Independent Source There has been a lot of talk about the validity of the government generated unemployment numbers created by the U.S. Bureau of Labor … [Continue reading]

Unemployment Down but Fewer People Working?

BLS Employment Data

On Friday January 9th the U.S. Bureau of Labor Statistics (BLS) released the Unemployment Data for December 2014. According to the BLS the Current Unemployment Rate (Seasonally adjusted) for December was 5.6% down from 5.8% in November. Along the … [Continue reading]

Taking Your New Business to the Next Level

Taking Your Business to the next level

Getting a new business off the ground is a tremendous achievement, as many small businesses fail in the first year. After establishing a beginning level of success, however, it's not a good idea to rest on past laurels. Rather, it is important to … [Continue reading]

Careers High School Grads Should Consider

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After graduation, many of your friends leave for college to earn a degree. And while you might have considered college yourself, it may not be for you. Whether you’re still saving, or just don’t have the time, college may not be in the cards right … [Continue reading]

November Unemployment Rate Flat

Employment-1939-2014_Nov-a

The U.S. Bureau of Labor Statistics (BLS) released the November Unemployment figures on December 5th. The Seasonally Adjusted Unemployment Rate was 5.8% the same as the October. The Unadjusted Unemployment rate was also flat at 5.5% for … [Continue reading]

A Changing Economy = Changing Job Opportunities

Printers Type Box

​In a recent issue of Outside the Box author John Mauldin told a story of life when he was growing up and how it created an opportunity for him to earn some extra money while he was going to college. But today things have changed so much that young … [Continue reading]

The Biggest Threat to U.S. Jobs

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 Today’s Outside the Box comes from Sam Rines of Chilton Capital Management in Houston, TX – a promising young economics contributor to The National Interest and a rising star who I met at Worth Wray’s wedding a few weeks ago and it didn’t take much … [Continue reading]

October Unemployment Figures

BLS_vs_Gallup_Unemployment_2_Oct2014

The U.S. Bureau of Labor Statistics (BLS) released the October Unemployment figures on November 7th. The Seasonally Adjusted Unemployment Rate was 5.8% down from 5.9% in September. The Unadjusted Unemployment rate was also down from 5.7% in September … [Continue reading]