Tyler Durden: Gallup Finds Unemployment Increased In December, Underemployment Is At 6 Month High, Blasts Government Data Fudging

Here is a great post from Zero Hedge today, where Gallup provides a more accurate view of the economy rather than the "seasonally adjusted" statistics of the Federal Govt. BLS reaches conclusions that are quite obviously data manipulations, destined to be long forgotten by the time they are revised. Here are some excerpts of the piece:

Gallup has found that not only did the unemployment rate increase in December from 9.4% to 9.6%, that disgruntled part-time workers who want full-time work increased from 8.6% to 9.4%, the highest since September, but that the most important metric in a labor force increasingly consisting of part-time workers, underemployment, has surged to 19%, the highest since June!

Unemployment, as measured by Gallup without seasonal adjustment, increased to 9.6% at the end of December -- up from 9.3% in mid-December and 8.8% at the end of November.

Whatever the government reports about unemployment on Friday, Gallup's U.S. underemployment data for the end of 2010 show that nearly one in five Americans continue to be unemployed or employed part-time looking for full-time work. In turn, this underscores the importance of job creation as a top national priority.

It is therefore too bad the top national priority is and continues to be manipulating stock markets, and creating a wealth effect for some and a poverty effect for most.

The Gallup Data:



Full Zero Hedge Article