Home > Off Blog > How many persons disappeared from the economy last month?

How many persons disappeared from the economy last month?

Karl Denniger believes the job losses and cumulative shrinkage in the labor force last month reached 1.26 million persons in September, not 263,000 as reported by Washington. These include those who lost their jobs, as well as those no longer counted by Washington’s suspect statistics:

Household Data is VASTLY worse than reported. Here are the month-over-month changes, and they’re in the realm of frightening.  (all numbers in thousands)

Civilian Labor Force: 154,879 to 153,617 this month.

Employed: 140,074 down to 139,079 this month.

That’s a loss of 995,000 jobs, not 263,000, and the labor force contracted by 1,262,000 people!

The participation rate was absolutely decimated, down 0.6% this last month alone.  The people “not in the labor force” rose by a staggering 1,516,000 in the last month.

The government doesn’t count people as “unemployed” who have given up and exited the labor force, but as I have repeatedly noted whether the government counts them or not the corner store owner sure as hell does!

The fact of the matter is that nearly 1 million fewer people were working in September as compared to August; there has been absolutely no improvement in that trend whatsoever.

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  1. arcticbrief
    October 6, 2009 at 7:14 pm

    These job data is like a puzzle, taking quite a bit of time to put together and make sense.

    • charley2u
      October 9, 2009 at 1:05 am

      And, I think, deliberately so. If you can keep people focused on how much they earn, instead of how long they work for what little they earn, you have won.

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