The chart below is all you need to know about today’s report. Non-seasonally adjusted U-6 surged from 14.3% in May to 15.1% in June. Add that in with the total lack of job creation and the second wave of the “Great” recession appears to be right over the horizon.
When an economy is bad, one usually has to dredge the bottom of the barrel to find statistics they can refinish and make look like good ones. That appears to be the case with today’s jobs report as not only did 1.2 million Americans fall off the benefits roll to no longer be considered… well, alive to the government, but it now appears that the propaganda of a new 8.3% unemployment rate is made up of record levels of part time workers…. via The Daily Economist