It's that time of the week again, where the B(l)S jobs report shows 99% negative data, but 1% positive in the baseline most Americans will see. The unemployment rate dropped to 8.1%, even though there were more jobs created by the mythical birth/data adjustment, and now the rate stands on the threashold where President Obama can soon use it to his advantage in the November elections.
Expectations were for an increase in non farm payrolls of 160,000, and a 8.2% unemployment rate. We got +115,000, and 130,000 privates. Unemployment rate at 8.1%, lowest since January 2009. Schrodinger is alive and well.
So not only did the analyst estimates of jobs created fail by 50,000, the unemployment rate stated by the Obama administration dropped a percentage point lower than expected.
Once that rate falls below 8%, then the politics of spin will begin. In reality, the true unemployment rate is over 16%, with a record number of people not even being counted as unemployed because they simply aren't recorded as receiving government benefits.