This is what caught my eye:

“More than a half a million people dropped out of the labor force, and the employment participation rate fell to 65.2%, the lowest in 23 years. The average duration of unemployment rose to 26.2 weeks”

If you will accept that while people get discouraged, no one really drops out of the labor force (stops looking for work) unless they have saved $$, rich relatives or are wealthy themselves, then the 500k that purportedly dropped out of the labor force should be added to the 15.1 million considered currently unemployed, for a grand total of 15.6 million total currently unemployed.,

So when is Congress going to get around to passing the next unemployment extension???

Even the government has finally admitted that:

‘U.S. Job Losses May Be Even Larger as Labor’s Model Breaks Down’

Oct. 2 (Bloomberg) — The U.S. economic slump earlier this year was so severe it short-circuited the government’s model for calculating payrolls, raising the risk that today’s jobs report may be too optimistic. (MORE)

http://www.bloomberg.com/apps/news?pid=20601103&sid=aXoQJ14iSlWg#

From John Williams at Shadow Government Statistics:

• BLS Revision Nightmare: March 2009 Payrolls Overstated by 824,000 • Birth-Death Model Falsely Boosting Jobs Reporting in Recession Environment • Monthly Jobs Loss of 263,000 (Payroll Survey) versus Monthly Employment Decline of 710,000 (Household Survey) • September Unemployment Rates: U.3 = 9.8%, U.6 = 17.0%, SGS = 21.4%

http://www.shadowstats.com/

We are now in the second leg down of ‘The Great Depression II’.

We are in a heap of trouble, friends.

Jojo

Related Posts:

• You are being sent this email because you subscribed to the Shadow Government Statistics News List:
• Panic: Unemployment rate already at 20%!!!
• U.S double digits unemployment rate of 1980-1981 vs. 2008-2009 single digit
• You can bet that Jan. unemployment#s will be revised downward like Dec #s (revised downwards to 150k loss from 85k).
• It feels like 1935.

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