Economists Finally Admit: We're Clueless About Jobs, Too

Published: Monday, 11 Jul 2011 | 12:49 PM ET

If you’re confused over high unemployment, you’re not alone. The people who are best supposed to understand this issue don’t have much of a clue either.

That became readily apparent following the government’s release Friday of the June jobs report, a dismal data set with virtually no redeeming factors.

More than that, though, the report blindsided Wall Street and Washington economists, who expected about 100,000 jobs created last month, not the 18,000 that showed up in the Bureau of Labor Statistics compilation.

That’s an enormous miss.

More: http://www.cnbc.com/id/43711926

Snip: "According to the government’s numbers, the 9.2 percent unemployment level measures only those without a job who are looking for employment.

The more encompassing “U-6” number which factors in discouraged potential workers, jumped to 16.2 percent for the month."

I've doubted everything said so far and I'll continue to do so.

Just concentrate on the first one and much of the problem will be solved.

jobs in the traditional sense well might be obsolete in the 21st century. Today, jobs are really haphazardly created. This, combined with increased worker productivity IMO means it's really rather naive as a country, as a policy, that jobs will magically appear by the private sector.

Further, who wants to screw around creating jobs if one can just do global investments and nano-trading. IMO hoards of money should have been going into public works programs. That, would prime the pump, so to say. Instead, we keep lavishing money on wall street, the banksters, whomever, hoping jobs magically occur. IMO we're so stuck in trickle down voodoo economics it's beyond belief.

The paradigms being used in this country are obsolete for the 21st century.

Exactly, jumped to 16.2 percent for the month. ... and I bet it jumps much higher. Nothing has been done to change the basic models, we are using old dog tricks hoping for something new.

And I forgot to mention outsourcing on top of all of this. It's no wonder we're screwed. I find nothing difficult to understand as to why we're in such a F'en mess in this country.

A man has a tire store.

The govt gives him tax breaks, but no customers come in to buy tires?

The govt cuts all regulations so the store owner can save money and just dump tires anywhere he wants to. The neighborhood is a mess and starts to smell bad, but still, no one comes in to buy a tire?

So they TeaPublican Demons decide that "austerity" is the answer. If they can cut all funds for building roads and send all jobs overseas.. no one will need tires anymore. Problem solved.

Now, somehow.. the poor working man who lives next to the tire store gets a 5 cents an hour raise at his crappy McJob. So he works hard and saves for 52 weeks and he has enough to buy a new tire.

So he goes into the store and BUYS a tire! Pretty soon, with all the McWorkers getting that 5 cents an hour raise.. other people go in and buy tires.. so much so that the tire store owner has to hire another worker!

It's caled "Demand", not Supply-side economics. But the wicked witch of the North, Michelle Bachman and the TeaPublican grinches, do not want McWorkers to have a 5 cents an hour raise. Nor do they want McWorkers to have new tires... they think it's "Socialism".

So no one lives happily ever after and we all end up walkiing becasue all the cars have bald tires.

Good night.

you get unexpected responses.

I think this is indicative of just how bad things are. The bogus formulas they've developed over the years can't hide it anymore.

you not doing anything about it.

It just comes naturally!

They are still working the 'looking shocked' thing though

more money. There's not much chance of that happening soon. Until then, government spending or tax cuts or debt reduction won't make a big difference.