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Saturday, February 04, 2012

Sleight of hand technique on jobs statistics?

The Obama Administration released yesterday the latest jobs statistics from December. Administration officials and those in the news media touted the latest unemployment numbers as a signal that the recovery is in full swing.
But the government also released another set of statistics that appears to totally nullify the good news the Administration and the media reported, which begs the question, "Did the Administration use the magician's sleight of hand technique to hide the bad news?"
Although the Labor Department reported that 243,000 new workers were added to payrolls across the country, bringing the unemployment rate down to 8.3%, the Department also reported that a record 1.2 million Americans dropped out of the labor force in one month--the highest level in U.S. history.

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