Shrinkage… What Rick Santelli Sees in Today’s Jobs Numbers (Video)

CNBC contributor Rick Santelli discussed the real jobless numbers from today’s labor department report.
Unlike his media counterparts Santelli reported on the 1.2 million people who dropped out of the labor force in one month. A new Obama record.

The labor participation rate has not been this low since 1983.

#1 February 3, 2012 at 5:18 pm
surfin' bird commented:

The real jobless number are here at SNAP Monthly Data.
http://www.fns.usda.gov/pd/34SNAPmonthly.htm
They call it the Supplemental Nutrition Assistance Program.
Most of us call it food stamps.
#2 February 3, 2012 at 5:30 pm
uncivil & right commented:

Pheeew, saw “shrinkage” and thought there’d be another Nasty Pelosi pic.
#3 February 3, 2012 at 5:39 pm
Greg commented:

Santelli better watch his P’s & Q’s! The Selective Logic Disease infecting Progressive’s (AKA Obots) does not like and or allow for anything remotely approaching proper perspective.
#4 February 3, 2012 at 5:40 pm
CT commented:

A LIE is a LIE is a LIE is OBAMA
#6 February 3, 2012 at 7:52 pm
Slappy commented:

Elixir (#3) commented:

Sorry, but Rick Santilli has his numbers mixed up…here’s why:

Of course, as ususal, both Santelli and Zero Hedge have a real reading comprehension problem and completely missed that this million+ people isn’t some new January phenomenon, but a result of the BLS using the 2010 census data to have more accurate data. In other words, the changes in the Household Survey to the various measures had taken place over the years prior to 2010, but for simplicity’s sake, the BLS incorporates these changes into one month (which they clearly point out)

You and those you are citing are doing exactly what you’re accusing Rick Santinelli of doing — selectively choosing the data you’re focusing on. The difference is that Santinelli is much closer to the truth. After all, hasn’t the government adjusted the data in a similar manner to what you described in the past when they have new Census data? So how about looking at the numbers across a longer timeframe in which these adjustments had also taken place then.

Regardless of whether the 0.3 percent drop in the labor participation rate or the 1.2 million drop in the labor force all happened in December or are due to “the BLS using the 2010 census data to have more accurate data,” the bottom line is that the adjusted number still shows a seasonally adjusted labor participation rate at 63.7% for January 2012, which is the lowest in the country since May 1983. It’s also a full two percent lower than when Obama took office (65.7% vs. 63.7%). In addition, the seasonally adjusted Employment-Population Ratio actually shows a 2.1% drop since Obama took office (60.6% vs. 58.5%). The 58.5% figure is actually the same as it was back in January 2010. There are many more figures I could cite illustrating that the “good” news being trumpeted today is masking serious, ongoing problems with our country’s abysmal economy and labor situation but I don’t think you have an open mind so what’s the point. Go look for yourself at the Bureau of Labor Statistics site at http://www.bls.gov/home.htm.

Regardless of how much blame is Obama’s (and he deserves little blame for the original downturn during which he was a U.S. Senator, but deserves significant blame for the sluggish recovery due to his economic policies) and how much you want to blame adjustments for why the labor situation continues to be bad, it doesn’t sound like much improvement since he took office three years ago when you look deeper into the numbers.
#7 February 3, 2012 at 8:39 pm
Greg commented:

Meanwhile, the annual adjustment to the CES Birth Death model (estimated jobs) dropped 367-thousand jobs for the month of January. These are jobs that are gone!
#8 February 3, 2012 at 10:39 pm
valerie commented:

http://directorblue.blogspot.com/2012/02/lies-damn-lies-and-obamas-unemployment.html

Nail ‘em.
#9 February 3, 2012 at 10:41 pm
valerie commented:

“Regardless of how much blame is Obama’s (and he deserves little blame for the original downturn during which he was a U.S. Senator, but deserves significant blame for the sluggish recovery due to his economic policies) and how much you want to blame adjustments for why the labor situation continues to be bad, it doesn’t sound like much improvement since he took office three years ago when you look deeper into the numbers.”

THE STIMULUS was supposed to right our unemployment problem in 18 months. That didn’t happen.

Really, it is time to try a different approach.
#11 February 3, 2012 at 11:09 pm
David M commented:

The 1.2 million number doesn’t mean much as it was just a population adjustment.
#12 February 4, 2012 at 12:48 am
ogee commented:

So this real news just out…..less the obamao lies =

Long-Term Unemployment Remains High, Millions Leave Labor Force
By Matt Cover | Number of long-term unemployed was unchanged at 5.5 million in January, near its record of 6.7 million in April 2010.
Despite a January jobs report that saw slightly stronger private sector job growth than in recent months, long-term unemployment remains at record high levels and revised statistics show that another 1.2 million have left the labor force.

According to the Bureau of Labor Statistics (BLS), the number of long-term unemployed – those out of work for 27 weeks or more, was unchanged at 5.5 million in January, near its record of 6.7 million in April 2010. That number has been at historic highs of 5-6 million since August 2009.

BLS figures also reveal that the number of people who have left the labor force entirely was much higher than previously thought – 1.2 million higher.

Obamao lies and lies and lies and lies and plays politics all day long despite his laziness and slacker attitude while he makes others do his job.
Read More Here: http://cnsnews.com/news/article/long-term-unemployment-remains-high-millions-leave-labor-force-0

Hat tip to
Matt Cover
CNSNews
February 3, 2012

OOPS IT LOOKS LIKE THEY HAD TO REMOVE THE REAL HONEST STORY TO MAKE ROOM FOR OBAMAO’S LIES. He’s punking his small group of supporters again.What else is new? MSM is still lying for this phony in the WH.
#13 February 4, 2012 at 1:09 am
jorgen commented:

Santori is right. And that makes it 2.5 million in total for for December and January!
#14 February 4, 2012 at 1:17 am
Molon Labe commented:

#3 Exlir:

You must have been a failure in preschool. What a laugh. Yeah its the census okay. You haven’t the basic knowledge to lie. You do sound like a hopelessly ignorant poltroon trying to find an excuse for Obama’s disasters as a president. You have demonstrated a breathtaking lack of knowledge in your other comments. One can onlt conclude you must have been a member of the OJ jury to make such a foolish and outragheous statement.

Lots of luck in pre school maybe you’ll make it next year.
#15 February 4, 2012 at 1:20 am
Molon Labe commented:

#12

Valerie:

He supported Fannie Mae and Freddie Mac’s schemes and fought any attempt to put tighter controls on them. He has pushed community lending act throughout his career as a community aggitator. He bears the responsibility for the fool hardy lending programs that the government forced the financial community to adopt.

I blame he no less than Barney Frank or Chris Dodd.
#16 February 4, 2012 at 5:57 am
Militant Conservative commented:

Elixir, guess that is why there are no foreclosures,

Housing starts are up and companies are not laying

Off. What?! None of this is happening. No XL

Pipeline, closing coal electric plants, EO preventing

drilling in the Gulf. Your boy has done a right nice

Marxist job destroying American jobs. It is his

Goal all along. It’s what evil does, give him credit.

He earned it. POS NOTUS.
#17 February 4, 2012 at 8:28 am
Slappy commented:

valerie (#12) commented:

THE STIMULUS was supposed to right our unemployment problem in 18 months. That didn’t happen.

Really, it is time to try a different approach.

I agree with you 100%. The trillions we’ve added to the country’s debt for marginal if not largely non-existent economic benefits is a disaster of epic proportions.
#18 February 4, 2012 at 8:29 am
Slappy commented:

David M (#14) commented:

The 1.2 million number doesn’t mean much as it was just a population adjustment.

Oh, so no one among the 1.2 million are employable or need a job? And these types of adjustments didn’t happen in the past? Puh-lease. All this does is show that there are even more people that undoubtedly want and need jobs than thought previously. To say that “the 1.2 million number doesn’t mean much” is even more disengenuous than anything Rick Santinelli said. Plus, to add the 1.2 million adjustment while the economy only creates 240K jobs last month and see the unemployment rate drop .2 (8.5% to 8.3%) doesn’t make mathematical sense unless large numbers of Americans continue to leave the labor force, willingly or not. Once again, the seasonally adjusted labor participation rate was 63.7% for January 2012, which is the lowest in the country since May 1983.

In a time when the country needs more of its citizens to be contributing to the economy and paying much-needed taxes to pay down our debt and keep Social Security afloat (especially with so many baby boomers retiring now, whether they wanted to or not), the opposite is happening. It’s a disaster that if there aren’t major improvements soon will lead us down a path of economic destruction countries like Greece have been going through of late.
#21 February 4, 2012 at 10:53 am
Cutlers bad Thumb commented:

Big headline in Illinois———Chrysler to add 1500+ jobs, my son looking for a job went to the the Chrysler job fair yesterday, and yes these are jobs that will help people and I do understand that is a good thing.
But what was not mentioned was all these jobs were temp & part-time with no benifits, with no guarantee on how long you would be working, these were jobs to assemble the new Dodge Dart.
And we all seen happened to the Chevy Volt………..
#22 February 4, 2012 at 12:11 pm
jorgen commented:

Why anyway discuss 8.3%. What is the real percentage? Somewhere around 23%?