News as reported by the Labor Department.
Nonfarm payroll employment changed little (-54,000) in August, and the unemployment rate was about unchanged at 9.6 percent, the U.S. Bureau of Labor
Statistics reported today.
I am not convinced. The above comment is taken from the first few lines of the official release of the Labor Department about the August employment situation (click here for the full release).
Two comments. First one. Notice the words chosen to state that employment declined by 54,000. They said "changed little". Not really, it declined.
The other note reported that the unemployment rate was "about unchanged". In fact, the unemployment rate increased from 9.5% to 9.6%.
Masking the bad news? The bottom line is that after a year into the expansion the economy is not generating new jobs. Now they are beginning to say that the problem is "structural". OK. What are we going to do about it?
George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked best market timer over 12 and 6 months ending 8/20/10 by Timer Digest
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