ObamaNomics: Unemployment Rate Jumps to 9%…

One can only imagine what the REAL unemployment number actually is. Keynesian manipulations…. WASHINGTON (AP) — Employers added more than 200,000 jobs in April for the third straight month, the biggest hiring spree in five years. The Labor Department reported Friday that the economy added 244,000 jobs last month. Private employers shrugged off high gas prices and created 268,000 jobs — the most since February 2006. The job gains were widespread. Retailers, factories, financial companies, education and health care and even construction companies all added jobs. Federal, state and local governments cut jobs.

But the unemployment rate ticked up to 9 percent from 8.8 percent in March, the first increase since November. The government uses a separate survey to calculate the unemployment rate. The survey sometimes diverges from a separate survey used to number of jobs employers added. (read more)

“Fishing for the Real Jobs Number”

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2 Responses to ObamaNomics: Unemployment Rate Jumps to 9%…

  1. Today’s BLS of 244K is great… until you exclude the 62K from McDonalds hirings, and 175K from the Birth Death Adjustment, and end up with…. +7K jobs.
    And yes, the “McDonalds factor” is to be included. Per Goldman:
    McDonald’s Corporation said that it hired 62,000 people during an April 19 promotional event. Despite the striking number, we do not expect a major effect on nonfarm payroll employment. Last year, the industry referred to in the payroll statistics as “limited service restaurants” added 209,000 jobs during the seasonal upswing in employment from March through June in seasonally adjusted terms. Given that McDonald’s has a 17% market share of the US fast food market (as of 2009), around 35,000 of the new hires can be accounted for by seasonal variation. In addition, according to our equity analysts, US growth in the number of McDonald’s restaurants is limited. Therefore, it seems most likely that the hiring resulted from natural turnover and seasonal demand, rather than a broader business expansion. For the hiring event to have a major impact on the April employment report, a large majority of the new employees would have had to begin receiving a paycheck immediately. More likely these hires will be phased in over time.

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    • texan59 says:

      As the air comes out of the balloon. Pffftttttt. Heard this today. Maybe Wendy’s can do something this month. Did they get a waiver?

      Like

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