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Jobless rate hits 8.3%, lowest in 3 years

Trend could reshape presidential campaign

US employers added more than 240,000 jobs in January, beating economists expectations with the biggest gains in nearly a year, and providing more evidence that the recovery may at last be gathering speed. The hiring surge, which was spread across several key industries, helped push the unemployment rate to its lowest level in the nearly three years, the Labor Department reported yesterday. The jobless rate, which has plunged nearly a point since summer, fell to 8.3 percent last month, from 8.5 percent in December

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Comments

On what planet?

I had an old priest friend who once cautioned me with these words, "Figures don't lie, but liars can figure"! What is not disclosed in this article is that the statistical base of available workers was shrunk for a seasonal adjustment which disgused the real figure that remains at nearly 9%. This bottomless pit of liars providing these statistics to the media needs to be exposed for what it is. This is not politics! It is a real and tragic fact that more people than ever in our history, since the great depression, are either working part time or just sitting at the kitchen table taking anti-depressant drugs to endure this horrible economy. It doesn't take an engineering degree to understand why these numbers are just a collection of lies to promote the illusion that the politicians in power deserve reelection.

And don't forget the participation rate. While some folks certainly have droped out If the workforce number used in the calculations was the same as in 2008 (not shaved by millions...) the rate would be up near 11%. As Disraeli may have said: "There are three kinds of lies: lies, damned lies, and statistics."

Lets see...Wells Fargo and a host of other "experts" say this is good news, but the paid posters here read the script from Fox, Newt, and Willard! These are the same folks crowing about Bush making us safer but it took Obama to take out bin Laden! Hope you guys are well paid frauds at the very least!

So Romney's criticism of Obama in response to this news boils down to this: "You're not cleaning up my mess fast enough!" It must be tough running for president when you've got absolutely nothing.

All math. How about Reid saying no budget again this year? Why do we need a budget?

Nearly 13 million Americans remain unemployed and many Americans are no longer registered as "unemployed" - it is safe to say the number of unemployed is a much, much, much higher number than the government is providing to the media.

The unemployment rate is not getting better, it's infact getting worse. Labor force participation rate if you look at non-seasonal adjusted, a fresh low going back to April of '83 -- if you look at seasonal adjusted a fresh low participation rate going back to December of '81. What does that mean in English? Shrinkage. 1.2 million people are now not considered unemployed anymore, they have just left the system. So we have to concentrate on the internals and eventually watch the fixed income market to see if some of this sets in as people do their ciphering. Listen, when you look at the body count on the establishment survey we created jobs that's a good thing, there's my perk, but I'm sorry if you look at the other side, if you look at the household survey yes, we had this big seasonal adjustment, you can go to BLS, you can see their economic release, you can see their situation summery and we can see that "not in labor force" moved from 86.6 million to 87.8 million. There's your 1.2 million -- You can see the asterisk, there's been an adjustment on population. That's the way it goes – we make an adjustment. The last 12 months needed to be adjusted. It is what it is.