Real Unemployment 18% - Is Government Lying to the American People?
How do fish get caught? They open their mouth. How do investors get ensnared or misled? They believe in non-existent phenomenons like a ‘jobless recovery.’Surprising as it is, for nearly a year, investors have shrugged off mounting jobless claims and rising unemployment as an ingredient that is not really required for an economic recovery.
Yesterday’s (2-4-10) announcement by the Department of Labor that claims for unemployment benefits rose by 8,000 to 480,000 sent stocks spiraling.
The Dow Jones Industrial Average (DJI: ^DJI), S&P 500 (SNP: ^GSPC), and Nasdaq Composite (Nasdaq: ^IXIC) lost about 3% each, marking the first time in months that concerns over unemployment were raising suspicion.
Does that mean that the trend of the ‘new bull market’ in stocks has changed? Or are we in for further declines?
The real numbers
Today’s headline numbers report was that the unemployment numbers, ’surprisingly fell to a five-month low of 9.7%,’ according to today’s government report.
In reality, unemployment spiked to an all-time high of 18%. Yes, 18%! This is the official number reported by the Bureau of Labor Statistics (BLS).
The BLS publishes different sets of data on a regular basis. The main focus tends to be on the U-3 unemployment rate (currently 9.7%, seasonally adjusted).
Read the full story at Yahoo News
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