by John Rubino, Dollar Collapse:
One of the frustrating things about the monthly US jobs report is the way everyone focuses on the wrong number. The headline says “unemployment falls…” which sounds great, while the small print, which almost no one seems to read, explains that most of the improvement is due to people dropping out of the labor force. The number of new jobs created is frequently small or negative.
It’s understandable — though of course not admirable — that the government would try to spin its economic statistics to make itself look good. What is less understandable is why the media, whose job is supposedly to report the truth, are willing to take the lie at face value.
So it’s worth noting when someone breaks from the pack and actually analyzes the data, as the New York Times did today:
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