Monday, December 10, 2012

BUT MELVIN, HE'S SO HISTORIC: Obamacare Triggers Record Leap in Unemployment and Underemployment to 17.2%

Is it safe to say that we're in a full-blown depression now? I think so.

Gallup's seasonally adjusted unemployment rate is 8.3% for November, up nearly one percentage-point over October's rate. Gallup's underemployment jumped from 15.9% to 17.2%...

...Gallup did not offer reasons for this shift but I suspect two.

1. Large numbers of part-time workers were hired as a direct result of Obamacare in September and October.
2. Additional seasonal workers were hired early.

...In the BLS [Bureau of Labor Statistics] report, the labor force magically shrunk by 350,000 artificially lowering the unemployment rate. No such thing happened in the Gallup survey for the unemployment rate to blast .9 percentage points higher.

Regardless of "why", if the latest Gallup survey is correct, expect to see jumps in the BLS unemployment rate in the coming months.

I wonder at what point the JFK and Reagan Democrats will finally realize that this administration has no interest in fixing the economy.

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