Today's employment report provides further evidence that the U.S. economy is continuing to heal from the wounds inflicted by the worst downturn since the Great Depression.
New York, NY (PRWEB) October 09, 2012
Profit Confidential, an e-letter of Lombardi Publishing Corporation, a 26-year-old consumer publisher that has served over one million customers in 141 countries, is suspicious and critical of the September 2012 U.S. job numbers report released on Friday, October 5. (See: “The Truth Behind Today’s U.S. Job Numbers Report.”)
The U.S. Bureau of Labor Statistics reported that the U.S. employment rate dropped a surprising three percentage points, from 8.1% in August to 7.8% in September. (Source: Bureau of Labor, October 5, 2012)
“Today's employment report provides further evidence that the U.S. economy is continuing to heal from the wounds inflicted by the worst downturn since the Great Depression," Alan Krueger, chairman of the White House Council of Economic Advisers, said in a statement. (Source: http://www.whitehouse.gov/blog/)
Profit Confidential says there is little or no reason to celebrate the job numbers.
“Here is what the U.S. unemployment numbers really say. First, the job numbers do not include those Americans who have given up looking for work. Further, there are 12.1 million Americans who are ready, willing, and able to work but are unable to find jobs. The unemployment rate for long-time unemployed—those who have been unemployed for 27 weeks or more—did not change. This group makes up more than 40% of the unemployed in the U.S. economy.”
“The only figure that gives a true picture of the U.S. economy is the underemployment rate; this includes people who have given up looking for work and people who have part-time jobs but who want full-time jobs. The underemployment rate sits at a staggering 14.7%—unchanged from the previous month.”
Profit Confidential says, “If the U.S. government wants to effect real change and heal the nation’s economic wounds, it has to work at getting the underemployment rate down. The majority of Americans are no better off. And this will soon be reflected in the earnings of major American companies.”
Founded in 1986, Lombardi Publishing Corporation, which has served over one million customers in 141 countries, is one of the largest consumer information publishers in the world. For more information on Lombardi Publishing Corporation, and to get its popular Profit Confidential e-letter sent to you daily, visit http://www.profitconfidential.com. Or visit http://www.lombardipublishing.com/customer-service.html.
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