As the Non Farm Payroll data comes out today, its important to put it in context. The following two charts help to see through the propaganda bullshit. The first is the labour force participation which is down at a 30 year low. Quite clearly people are dropping out having become disillusioned in their efforts to find work or simplycretiring early.

Source: BusinessInsider

This next chart is created by John Williams at ShadowStats where he gives the true unemployment picture as approved to the Pravda version.

The seasonally-adjusted SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated long-term discouraged workers, who were defined out of official existence in 1994. That estimate is added to the BLS estimate of U-6 unemployment, which includes short-term discouraged workers.

The U-3 unemployment rate is the monthly headline number. The U-6 unemployment rate is the Bureau of Labor Statistics’ (BLS) broadest unemployment measure, including short-term discouraged and other marginally-attached workers as well as those forced to work part-time because they cannot find full-time employment.

Just to give a little further information of the u figures from the Bureau of Labor Statistics.

The Bureau of Labor Statistics also calculates six alternate measures of unemployment, U1 through U6, that measure different aspects of unemployment:[79]

  • U1: Percentage of labor force unemployed 15 weeks or longer.
  • U2: Percentage of labor force who lost jobs or completed temporary work.
  • U3: Official unemployment rate per the ILO definition occurs when people are without jobs and they have actively looked for work within the past four weeks.[2]
  • U4: U3 + “discouraged workers“, or those who have stopped looking for work because current economic conditions make them believe that no work is available for them.
  • U5: U4 + other “marginally attached workers”, or “loosely attached workers”, or those who “would like” and are able to work, but have not looked for work recently.
  • U6: U5 + Part time workers who want to work full time, but cannot due to economic reasons (underemployment).

Finally a chart from BusinessInsider showing how long it takes to gain employment after a recession.

It shows the percent job losses in post-WWII recessions and recoveries, and nicely shows how slow this current recovery has been compared to every single other one. We’ve dubbed it the scariest jobs chart ever.