The government propaganda machine was in full swing on May 8 as the Bureau of Labor Statistics (BLS) announced their newest job numbers report that showed a decline in the unemployment rate down to 5.4%. In fact, the job numbers report missed analyst expectations by 5,000 with a print of 223,000 new jobs compared to a forecast of 228,000, with the most important indicator showing that of these new jobs created, 447,000 were part time positions while 252,000 full time jobs were removed from the economy.
And as has become the norm, the number of Americans not counted by the BLS rose to an all-time high of 93,194,000, which if included would show the unemployment rate over 24%.
In what was an “unambiguously” unpleasant April jobs payrolls report, with a March revision dragging that month’s job gain to the lowest level since June of 2012, the fact that the number of Americans not in the labor force rose once again, this time to 93,194K from 93,175K, with the result being a participation rate of 69.45 or just above the lowest percentage since 1977, will merely catalyze even more upside to the so called “market” which continues to reflect nothing but central bank liquidity, and thus – the accelerating deterioration of the broader economy. – Zerohedge
The significance of the number of part time jobs versus full time ones created shows the extent of just how the first quarter GDP reflected a major decline in consumer spending. And with inflation continuing to grow in the general economy on prices for necessary everyday items, very few Americans have discretionary money to spend on anything outside food, transportation, and housing, and make the reported 5.4% rate a false flag that will do little more than run the up stock markets, and bring false euphoria to the masses.
Over the past year, the message from the central bank has been about a growing recovery, with the unemployment rate being their primary star to jawbone about in regards to the raising of interest rates and slowing down of debt stimulus. However, even their army of economists at the Fed have to know the real picture of the job markets and job creation, and soon will come to the realization that even with 5 years of quantitative easing, they will inevitably be forced into a new and even bigger round of debt stimulus before the year is over.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com, Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.