They Lie Like a Cheap Rug

Lie Like a Rug, 2000-01, 18,000 Letraset marker caps on flexible canvas, rubber edging 63" x 99" x 4" by Devorah Sperber.

[Shakes head in disgust.] Grandpa was right about this too. "They lie like a cheap rug," he said. I don't recall who he was speaking of back then however, today who "they" are is all too obvious.

As reported by AP Thursday, August 20, 2009:

The Labor Department said Thursday that the number of first-time jobless claims rose to a seasonally adjusted 576,000 last week, from a revised figure of 561,000 the week before. ... other data shows the economy is stabilizing.

[translation: last week 561,000 -- this week 576,000]

As reported by AP Friday, August 28, 2009:

First-time unemployment claims fell to a seasonally adjusted 570,000, from an upwardly revised 580,000 the previous week, the Labor Department said Thursday. The number of those continuing to claim benefits dropped to 6.13 million from 6.25 million, the lowest level since early April. ... while most economists believe the recession has ended.

[last week 576,000 last week 580,000 -- this week 570,000]

As reported by AP Thursday, September 03, 2009:

Initial claims for state unemployment insurance benefits fell 4,000 to a seasonally adjusted 570,000 in the week ended Aug. 29 from an upwardly revised 574,000 the prior week, the Labor Department said. ... Vice President Joe Biden issued an upbeat report card on the economy Thursday, saying that the massive stimulus program had been more effective "than we had hoped."

[last week 570,000 last week 574,00 -- this week 570,000]

As reported by AP Thursday, September 10, 2009:

The Labor Department said in a statement that its initial claims for unemployment insurance fell to a seasonally adjusted 550,000 from an upwardly revised 576,000 in the previous week. ... evidence that companies are laying off fewer workers as the economy improves.

[last week 570,000 last week 576,000 -- this week 550,000]

As reported by AP Thursday, September 17, 2009:

The Labor Department said Thursday that initial claims for unemployment insurance dropped to a seasonally adjusted 545,000 from an upwardly revised 557,000 the previous week.

[last week 550,000 last week 557,000 -- this week 545,000]

Thursday's report comes a day after the Federal Reserve said production by the nation's factories, mines and utilities increased for the second straight month in August, the latest sign the economy is recovering.

Really? What part of "the U.S. economy lost 466,000 jobs in the last month, almost twice the amount as in the previous month"*** don't they understand?

[*** O.K. I made a mistake and looked at "household data" (466,000) instead of "establishment data" (216,000). -- But, which is more accurate? -- Under the household survey, employed persons holding more than one job are counted only once. -- In the figures based on establishment reports, persons who worked in more than one establishment during the reporting period are counted each time their names appear on payrolls. -- Either way, they're both estimates based on phone surveys. -- Gee. Makes you wonder just who are these unemployed who can afford a phone...]

Perhaps it would help for them to take another look at a chart of the national unemployment level (currently underreported at 9.7%.)

Chart and data available at the Bureau of Labor Statistics.

Though the Labor Department continues to upwardly revise their unemployment numbers each week and the media and politicians attempt to color the statistics with shades of green and rose, there are nearly 15 million Americans who have a different view, one of how bleak the economy's future actually appears.

My bet is that many of those unemployed didn't think much about today's labor statistics nor the pretty picture painted by the press. It was likely the furthest thought from their minds -- as repossessors pulled the rugs out from under their feet.

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Gerald Celente: Jobless Recovery Is Like Being Half Pregnant

"In the United States, when you add in people who are no longer looking for jobs, people that are off the unemployment roll, people that have part-time jobs and want full-time jobs, or people that are looking for jobs and can't find any, the effective unemployment rate is at 19%." -- Gerald Celente

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