Real March Unemployment Rate: 11.6%

Tyler Durden's picture


Today, we got the laughable news that the unemployment rate declined even as those not in the labor force grew by over 660,000, while the total civilian non-institutional population grew by just 167,000 to 244,995, meaning the actual labor force declined by 496,000. Which is precisely the issue: fudging the labor force participation rate is how the Obama administration has managed to maintain the myth the economy has grown under his leadership for the past 4+ years. It hasn't, and in fact if one renormalizes for the recent long-term average participation rate of 65.8%, one gets a very different number. How different? A difference that is now at a record compared to what is reported. As the chart below shows, a "renormalization" process indicates a massive and record 4% difference between the reported unemployment rate of 7.6%, and what the real unemployment rate is assuming normal growth of the labor force, which in March was 11.6%, up from 11.3% in February, and the highest since August 2012 when it was 11.7%. More importantly, as the real unemployment chart shows, the economy has not improved by one bit since 2009!

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Fri, 04/05/2013 - 09:18 | 3412130 DawgAss
DawgAss's picture

He lied?........What a FUCK!

Fri, 04/05/2013 - 09:18 | 3412142 ACP
ACP's picture

No worries, HuffPo and all the other Federal Propaganda outlets are on it...blaming the sequester, no less.

Fri, 04/05/2013 - 09:19 | 3412154 AU5K
AU5K's picture

For many low skilled workers, its simply better to be on disability (+medicaid!) than minimum wage + no health insurance.

Fri, 04/05/2013 - 09:23 | 3412183 rajat_bhatia
rajat_bhatia's picture


Fri, 04/05/2013 - 09:34 | 3412237 TeamDepends
TeamDepends's picture

Iceberg? That's not an iceberg son, now  go fetch me a life-preserver...

Fri, 04/05/2013 - 09:48 | 3412269 AssFire
AssFire's picture

Last month:$85,000,000,000 in QE/88,000=$965,909 per job,

so 965,909x90,000,000 without jobs=$86,181,818,181,818. till full employment

it is only 1022 months away! or 85 years.

Let me tell you now, QE is NOT about jobs.

Funny how that 86 trillion is the same as the total unfunded liability of the Goobermint- wow simple math.

Fri, 04/05/2013 - 13:41 | 3413481 nbsharma
nbsharma's picture

Very nice!

Fri, 04/05/2013 - 23:56 | 3415440 JackT
JackT's picture

Agreed, nice, but you're not accounting for inflation.  

Fri, 04/05/2013 - 09:22 | 3412163 BobPaulson
BobPaulson's picture

What is funny is the implication that lying is unique to this or any president. Jimmy Carter tried to tell the truth a little bit 35 years ago and history still hasn't forgiven him.

Fri, 04/05/2013 - 09:46 | 3412346 Go Tribe
Go Tribe's picture

Carter is a serial liar. The good Christian, lol.

Fri, 04/05/2013 - 09:56 | 3412402 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

Jimmy Carter was one of election watchers when Hugo Chavez came to power. He noted that the election had been fair. He did note over the years that followered how Chavez set himself up as Prez for life. 

I think Jimmy Carter would sell my children into slavery becuase in his mind it is the right thing to doo. F**K Jimmy Carter.

Fri, 04/05/2013 - 10:52 | 3412729 BobPaulson
BobPaulson's picture

Sadly, democratic elections don't always elect leaders committed to democracy (Germany 1932 comes to mind). From what I have read, the majority of Venezuelans seemed to support Chavez. To avoid hyperbole I won't mention the troubling state of democracy in the US. History is full of examples of how people are way more likely to vote for a demogogue that a pragmatist.

So I can't agree that Carter demonstrated dishonesty as an election observer in Venezuela.

The main criticisms of Carter are that he wasn't aggressive enough militarily, he allowed Panama to control the canal in their country, he approved a botched rescue mission in Iran mostly undermined by weather, he was in favour or energy conservation, he appointed an inflation hawk to the Fed and that he did not pander enough to his democratic base. He was highly undermined in Iran by elements of his own country's intelligence service, so like Kennedy, he was clearly naive about how much the president can go against the CIA or the mafia, and he paid the price. Summation: not Machiavellian enough for the job.

Fri, 04/05/2013 - 09:20 | 3412166 tbone654
tbone654's picture

isn't it hilarious?  CNBlowC AND FOX talking about it this morning... and missing it by a mile...

Fri, 04/05/2013 - 09:22 | 3412176 tbone654
tbone654's picture

it's all sequester...  I think they blamed Japan on sequester too...

Fri, 04/05/2013 - 09:26 | 3412205 tbone654
tbone654's picture

we're just japan -10years ...  they (JPY) used to just pass equities around among the banks and keep everything afloat...  The problem is no one realizes you don't have capitalism any more...  manufacturing requires investment in materials, etc. and the banks make big money on those loans...  without the need for industrial loans, they have to feed themselves off depositors...  it's been said here a number of times, that we have to change to knowledgeism rather than capitalism...  and succumb to the fact that we just don't automatically get JOBS from knowledge...  you get jobs supporting industry...

Fri, 04/05/2013 - 09:30 | 3412215 Atlas_shrugging
Atlas_shrugging's picture

Can we now have a serious discussion re: trillion dollar coin?

Fri, 04/05/2013 - 09:34 | 3412244 Bearwagon
Bearwagon's picture

Didn't you mean: Trillion YEN coin?

Fri, 04/05/2013 - 09:39 | 3412286 LawsofPhysics
LawsofPhysics's picture

quadrillion yen!!!!!

Fri, 04/05/2013 - 09:50 | 3412364 Bearwagon
Bearwagon's picture

I stand corrected, thanks LOP

Fri, 04/05/2013 - 10:50 | 3412727 1000 splendid suns
1000 splendid suns's picture


Fri, 04/05/2013 - 11:37 | 3412958 nicoacademia
nicoacademia's picture

What comes after quadrillion?

Best Answer - Chosen by Voters Quintillion. Here is more information than you wanted...

Billion has 9 zeros
Trillion has 12 zeros
Quadrillion has 15 zeros
Quintillion has 18 zeros
Sextillion has 21 zeros
Septillion has 24 zeros
Octillion has 27 zeros
Nonillion has 30 zeros
Decillion has 33 zeros
Undecillion has 36 zeros
Duodecillion has 39 zeros
Tredecillion has 42 zeros
Quattuordecillion has 45 zeros
Quindecillion has 48 zeros
Sexdecillion has 51 zeros
Septendecillion has 54 zeros
Octodecillion has 57 zeros
Novemdecillion has 60 zeros
Vigintillion has 63 zeros
Googol has 100 zeros. 
Centillion has 303 zeros (except in Britain, where it has 600 zeros)
Googolplex has a googol of zeros (i say Google Japan)

Fri, 04/05/2013 - 09:39 | 3412261 LawsofPhysics
LawsofPhysics's picture

"you get jobs supporting industry..."  -  yes, but real production requires real inputs.  What everyone needs to be fucking honest about is that real inputs have real fucking limits.  The honest converstation that continues to be ignored is the issue of growth.  Wake the fuck up, humanity isn't just another ponzi, it's the ponzi.  I often wonder if the world got it's act together and everyone supported industry by becoming a good producer, I wonder precisely who the earth would be selling it's products to and what this other planet would be offering in exchange of real value to replace all the resources and energy we used to make those products?  Stupid fucking sheep.  As for all the financial "products" of mass destruction we have now, a banker prints a couple zeros in a few minutes and you work for your entire life to pay them back.  "winning".

Fri, 04/05/2013 - 09:56 | 3412395 EINSILVERGUY

I was just watching Fox business. Stuart Varney had Austin Goolsbee on and he would not allow him to suggest that the sequester caused the March decline in jobs since any job cuts occured in April.  Its obvious its the current policies and the rise in taxes at the end of FY12

Fri, 04/05/2013 - 09:34 | 3412243 Chump
Chump's picture

It's serious, he had to lie.

Fri, 04/05/2013 - 09:17 | 3412137 stinkhammer
stinkhammer's picture

nothing a little money printing can't fix!!

Fri, 04/05/2013 - 09:38 | 3412272 tbone654
tbone654's picture

we print because the big banks need more sources of income...  without an industrial/capitalist economy to lend too and make huge profits from...  no business needs their money, so they must rob depositors somehow, and for that you need to print more money and create bogus bubble building investments...

Fri, 04/05/2013 - 09:19 | 3412140 Badabing
Badabing's picture

the Obama administration has managed to maintain the myth


i think not



got PMs?

Fri, 04/05/2013 - 09:19 | 3412143 GolfHatesMe
GolfHatesMe's picture

This on a Non POMO day

Who's in charge of scheduling?  Burkhalter.....

Fri, 04/05/2013 - 09:22 | 3412170 reload
reload's picture

Sympathies to the unemployed - but I want that deer on the screen today.

Its been a trial holding short strategies this last 10 days - a venison supper would be welcome.

Probably closes green anyway - just in anticipation of next weeks POMO extravaganza.


Fri, 04/05/2013 - 09:28 | 3412213 stinkhammer
stinkhammer's picture

I sure as shit don't roll on Shabbis.  Shomer Shabbis!

Fri, 04/05/2013 - 09:57 | 3412406 EINSILVERGUY

Walter, get over here and pick me up or I'm off the fucking team

Fri, 04/05/2013 - 09:35 | 3412251 scatterbrains
scatterbrains's picture

I'm pretty sure the japs are in charge of managing markets on non pomo days no ?

Don't they work together on these things ?

Fri, 04/05/2013 - 09:19 | 3412145 Roandavid
Roandavid's picture

Krugman, you moron ...... explain please.

Fri, 04/05/2013 - 09:23 | 3412165 Badabing
Badabing's picture


Yesterdays Bitcoin thread had a remark from our one and only Dr Paul Krugman or maybe an imposter or MDB who knows?

What he said was “Can you buy a cup of coffee with Bitcoin?”

In response several posters insured him that, WHY,,,, yes you can!, And even posted the URLs.

In my quasi defense for the Federal Reserve note I’ll add this.

  The dollar can buy a cup of coffee. Back in the last depression around 1929 lots of people lost everything while the big banks bought up everything for pennies on the dollar. The phrase “hay buddy can you spare a dime for a cup of coffee” became a phrase icon for the poor. More important is the point, a dime for a cup of coffee, a dime for a cup of coffee, a dime for a cup of coffee, a dime for a cup of coffee, A DIME FOR A CUP OF COFFEE,,,, get it yet Mr. Doctor of econemy. Mr. Nobel prise in economic science. A DIME FOR A CUP OF COFFEE. You dick. Bitcoin will not do that!

by the way the NFP numbers are as fake as my avatar

Fri, 04/05/2013 - 09:18 | 3412148 88888
88888's picture

So much for a great rotation lol. Look at emini haha

Fri, 04/05/2013 - 09:21 | 3412167 NoWayJose
NoWayJose's picture

But if we hadn't added $6 trillion more to our debt and $3 trillion more onto the Fed balance sheet, it would have been -- The Same!

Fri, 04/05/2013 - 09:46 | 3412336 ebworthen
ebworthen's picture

One of O'Bummer's apparatchik's on CNBC (Kreuger) blaming the weak jobs report on the sequester.

Puppets and shadows, fakers and takers, muzak and scented circulated air, Pavlov, Pavlov.

Fri, 04/05/2013 - 09:24 | 3412172 yogibear
yogibear's picture

Quick, more QE. The $85 billion monthy of QE has helpd so much, Not!

Let's just do a lot more dollar trashing.

The US is Japan only the US doesn't have the savers to buy the debt. 

Watch Japan go off the cliff (happening now) and the US follow.

What does Bernanke and the Fed do with the debt???

It makes it disappear.

9 TRILLION Dollars Missing from Federal Reserve....

Does any country want to hold US debt when it plays these accounting games?


Fri, 04/05/2013 - 09:23 | 3412173 jpc578
jpc578's picture

Haven't you heard? This is all because of baby boomers retiring. It has nothing to do with the economy. Move along. Nothing to see here.

All kidding aside, even if you use a 60 month moving average of the LFPR the unemployment rate is about 9.5 percent or two percentage points above the stated rate.

Fri, 04/05/2013 - 09:22 | 3412177 irie1029
irie1029's picture

It is laughable and the sheeple believe the MSM such as Bloomberg... I just wanna puke.

Fri, 04/05/2013 - 09:26 | 3412190 I am a Man I am...
I am a Man I am Forty's picture

thank god, less overhead for the corporations, send her up!

Fri, 04/05/2013 - 09:28 | 3412209 Dr. Engali
Dr. Engali's picture

Damn ....what is it with that accursed 1565 on the S&P? Ben you clearly need to print moar.

Fri, 04/05/2013 - 09:36 | 3412263 Bearwagon
Bearwagon's picture

Good to see you, Dr.

Fri, 04/05/2013 - 09:46 | 3412338 Dr. Engali
Dr. Engali's picture

Thanks. It's good to be seen. I'm spending some family time on the sunny coast of Florida. It's hard to stay away from the Hedge though.

Fri, 04/05/2013 - 09:50 | 3412369 Bearwagon
Bearwagon's picture

Don't you ever dare to stay away! You're one of the main reason for me to finally register at the hedge ...

Fri, 04/05/2013 - 10:42 | 3412665 GraveyardSpiral
GraveyardSpiral's picture

I concur.  Sent you a question on another post.

Fri, 04/05/2013 - 09:29 | 3412216 ZZR600
ZZR600's picture

Easy solution, start a new war on the Korean peninsular. That will create jobs in armaments and the re-arming and reconstruction after the devastation of the region.

Fri, 04/05/2013 - 13:05 | 3413364 UserZero
UserZero's picture

Obozo needs to finish coaxing the Norks to nuke our one nominally prosperous State first. Two birds with one boom.

And I don't mean with a small device carried over our air-tight southern border.

No, I don't.


'cuz that would be impossible.

Fri, 04/05/2013 - 09:33 | 3412231 adr
adr's picture

Well, the dollar is tanking and the Euro is rising, so that will help with the big names reporting earnings next week. Nothing like restating foreign earnings in a stronger currency.

One also wonders what one time charges will be thrown out this time to create EPS beats.

Can capitalism function without consumption? Can people earn money without jobs? Can housing recover with no residents? Can you build homes without actually using lumber, copper, and steel? Can something with no physical representation or store of value exponentially increase in value?

The answers seem so simple, an overwelming no. Yet somehow in the new normal we are lead to believe the answers are yes.

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