Larry Johnson - aps up Obama economic “facts” like a dog drinking from a toliet bowl. The so-called good news from today’s jobs report is bogus. Pure and simple. Just look at the facts (click on this link to read the actual BLS figures for yourself).
Let’s start with the civilian non-institutionalized population. From March 2010 thru March 2011 this figure increased by 1,841,000 new people.
So what happened to the civilian labor force? It shrank by 489,000 people during that same 13 month period. Get this straight–the number of non-institutionalized people increased by almost two million but the labor force declined by approximately 500,000. Where did these people go? If you deliberately exclude almost a half-million people from your labor pool then it is easy to show the unemployment rate falling.
So how many new folks actually got a job between March 2010 and March 2011?
Nine hundred twelve thousand aka 912,000. Now divide that by 13 months. The result is an average of 70,154 new jobs entering the market each month. This is not even close to keeping pace with the growing population. If you divide 1.8 million by 13 you get 141,615 new folks on average increasing the civilian population. This means you need at least 100,000 new jobs per month just to keep pace with population growth. We have not achieved that figure during the 13 month period the BLS uses in this set of stats.
Sorry to pop your bubble, but this so-called good news on the jobs front is ephemeral and misleading. Don’t take my words. Do the math yourself.