Thread: Bank of America: Unemployment Rate Drop Is Fluke

Bank of America: Unemployment Rate Drop Is Fluke

Friday, 05 Feb 2010 03:12 PM
By: Dan Weil

The drop in the unemployment rate to 9.7 percent in January from 10 percent in December isn’t as good as it looks, says Bank of America’s chief economist Ethan Harris.

“It’s a somewhat disappointing report,â€

I was watching Fox Business and they had on someone (sorry I can't find the reference to him) that was speaking with Liz Claman and he said that it was 100,000 people who left the payroles in Jan, not 20,000 (he got the number from the direct payroll taxes reported into the banks.

He said the unemployment rate is much higher and more people are out of work - they are not reporting numbers correctly.

The people who have quit looking for work no longer are on the radar and the government is hiring census workers (which could amt to a blip on the radar) but that will only last until June or so. Bet most of the general public is not buying this so-called news bit.

He said the unemployment rate is much higher and more people are out of work - they are not reporting numbers correctly.

They don't dare report accurate numbers because it blows the entire Obama agenda out of the water. That is why they include temporary jobs to boost the numbers up, and don't report people who are unemployed but have given up looking.