No, I don't think it's phony. On the flip side, I don't believe it to be that significant, and that the economy is stuck with a serious demand side problem that won't be fixed for years to come (if at all).
If it helps to contrast, consider that Bloomberg.com published an article today noting that the number of "very poor" Americans is at a 35 year high. "20 million Americans live in a household with income of less than half the federal poverty rate, according to census data for 2010. Last year that meant an annual income below $11,057 for a family of four."
Less than $11057 in annual income for a family of four. Let that settle a bit and consider the implications.
BLS numbers are bullshit. ZeroHedge.com breaks down the numbers into their factual components. At this point, it should be clear to anyone who's paying attention that US government reporting agencies have become nothing more than propaganda organs, whitewashing reality in attempts to hide the colossal failures and near-total corruption of the politicians, a craven mob completely captured by the financial sector. We are in unprecedented times. The debt overhang is absolutely mind-boggling and something is going to have to give soon, so as usual, the government is procrastinating and seems to be in a state of denial (although utter stupidity can't be entirely ruled out).
The powerful have no use for truth and are quite obsessed in their need to suppress it. You have to look behind all the numbers generated by our government. They rely on the fact that very few people do.
Economists believe December and January figures are highly seasonal. With elections due, surely government agencies would run the extra mile to project improvement in labour market.
Complete fabrication. As well as the unemployment number of 8.3%.
The current corrupt administration is trying desperately to cook the books and tweak the numbers in an attempt to get unemployment below the magic 8% figure they assume will convince voters their policies are working, before the November elections.
If the same number of Americans were in the workforce today as there were in 2007, unemployment would be over 11%. And all other factors considered, some place that figure as high as 24%, if you count part-time workers who are seeking full-time employment.
