Bernanke: Obama Unemployment Numbers ‘Out of Sync’

March 28, 2012 04:11

[W]ith spiraling 8% real inflation, historically high gas prices, cataclysmic real estate values, and federal debt under Obama more out of control than Charlie Sheen on a Las Vegas weekend, most folks are dubious about the ‘recovery’ that the Obamedia are trying to convince us we’re experiencing. – American Thinker


By William Tate at American Thinker


“[T]he combination of relatively modest GDP growth with the more substantial improvement in the labor market over the past year is something of a puzzle,” Bernanke admitted to the National Association for Business Economics earlier this week.


“The monthly increase in payroll employment, which commands so much public attention, is a net change,” he said. “It equals the number of hires during the month less the number of separations (including layoffs, quits, and other separations)[.]”

In other words, the U.S. job market is in a constant state of flux, with people leaving the workforce due to retirement, or being fired, or leaving a job for a better position, etc. ………  These are not jobs created, but replacement hirings. Then Bernanke concluded, “the increase in employment since the end of 2009 has been due to a significant decline in layoffs but only a moderate improvement in hiring.”


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