Gallup says that the unemployment rate is truly 9.9% and the “underemployment” rate is twice that:
The caveat here is that they do the accounting a little differently than the feds do. But yesterday’s lesson is that 500,000 people seem to have vanished from the accounting and some think they vanished because of new protocols due to the census. Plus, it is clear that the monthlies are adjusted later. 2010 lost more jobs than was admitted prior to January 1, 2011.
Karl Denninger over at the Market Ticker doesn’t like the report at all and certainly doesn’t cheer about the “drop” in unemployment.
His conclusion: “Recovery, my ass.”
Several commentators are looking at the parallel figures from Canada. Our neighbor added about 70,000 jobs during the same month. Proportionately that is a huge difference because Canada’a whole population, at approximately 34 million,is less than that of California, at 37 million or so (plus or minus we don’t know how many “visitors”.
I sometimes think that if we want to be like Egypt – unemployed and on the brink of insurrection – than we are following the exact policies needed to get there. Yet, President Barack Obama, who although promising to get us out of the economic mess is still digging us deeper, remains fairly popular. Perhaps that is because people have correctly identified the house and senate as the primary authors of our misery. 2012 here we come.