"Confusion about today’s labor market, anxiety about the future of jobs, a rapidly evolving economy and so many other reasons make now exactly the wrong time to diminish the government’s ability to collect and construct labor market data. But that is exactly what is happening, and may continue to happen." via Congress is Making It Harder to Know How the Economy is Doing
Ignorance is bliss. While the rest of the world gobbles up more and more data, seeks ways to gobble up more and more good data, to make more and more decisions based on data … it seems our Congress wants to dress the BLS, Bureau of Labor Statistics, as an ostrich and push its head, our head essentially as its our labor they are gathering statistics for, farther down a deep hole.
Makes me think some members of Congress have already donned their costumes as fainting goats. You know, every time these goats perceive a threat enough to cause it to feel panic its muscles lock for ten seconds or so and it falls over. Hence the fainting name. I guess the thinking here is that this behavior would either startle or bore an approaching predator enough to cause it to lose interest and it'll just go away. Poof. Magical.
Which given our jobs situation is sorta what Congress has done. Now by incrementally defunding the BLS they can hide the evidence. Baaaa. It's a pre-emptive strike to hide the data to avoid voter outrage that would cause panic in the member of Congress causing them to faint at awkward times like in a presidential debate or on the news or eating a philly steak sandwich or a corndog.
You see the unemployment rate of 5.3% is a bit misleading. Here's a brief description of the statistics, damn statistics and ... an unemployment rate.
" The tricked up unemployment rate helps explain why the labor force participation rate is at a 38-year low of 62.6 percent. According to the BLS, July 2015 seasonally adjusted data show 93,770,000 individuals not in the labor force. That compares with 91,975,000 not in the labor force in July 2014. How can the economy and unemployment situation be improving when droves of workers are dropping out of the labor pool? Blaming the anomaly on retiring baby boomers does not explain what is happening to working age men and women.
In July 2014, there were 35.5 million men aged 16 and older not in the labor force. Today, that figure stands at 37.5 million not in the labor force, an increase of exactly 2 million men of working age. For women aged 16 and older, in the same span of time, their non-participation in the labor force has grown from 54.9 million individuals to 56.2 million." How the U.S. Achieves a 5.3% Unemployment Rate
So, since July 2014 the world's greatest economy has inspired 1.795 million individuals to leave the labor force. Leave it means they are not even filing for unemployment benefits. That's a key criteria for determining if you're unemployed. If you're not filing, if your benefits have run out, then poof, magic, you're employed. Baaaa.
This isn't my first rodeo, riding the buckin' bronco called the BLS report. I wrote about in February of 2012. Unemployment Stats - Do They Add Up?
Looks like they still don't or they do and they want to hide them in obscure definitions and stats that business journals like Bloomberg's etal are too lazy to filter through; I guess it's easier getting the big bucks of a journalist while shoveling to the public the press releases you're handed.
But, somewhere in that vast conspiracy ... the data is collected. So, that's a start. But now, Congress wants to make it impossible to even collect the data. Looks like they're scared of what the data's going to show soon. And for once they're being pro-active, not shooting the messenger just killing the messenger's steed and breaking the rider's legs, taping its mouth shut. Just to be sure. Baaaa.