The front-page measure of unemployment declined in January 2011 from 9.4% to 9%, which translates into a decrease of about 600,000 in the number of unemployed Americans, but the official survey of new jobs showed an increase of only about 36,000,
So how did 36,000 jobs reduce unemployment by 600,000?
According to the usual mob of media pundits, it’s a very big mystery!
“It’s all a mystery,” said Robert Brusca, chief economist at F.A.O. Economics.
“Given the confounding nature of this report, we will have to wait at least another month to see if the labor market is rebounding strongly,” said Heidi Shierholz, of the Economic Policy Institute.
“We don’t believe the extent of the drop in the unemployment rate,” said Stuart Hoffman, an economist at PNC. “It’s like funhouse mirror image, although I don’t know if there’s anything funny about it.”
“Who the hell can make sense of this report? It’s distorted. It’s definitely distorted.”
But it’s only as mysterious as corporate-media tools want to make it, and the difference between 600,000 and 36,000 is just another weak signal emitted by dark matter beyond the fringe of our phony economic “recovery.”