Tuesday, August 7, 2012
US Jobs & Unemployment figures a Sham...Where are the jobs?
It’s funny how the media only shows you one face of the coin when their our political motivations involved...here is part of 'the Sham': July '2012 Job's Report was up 163,000 according to the Labor Department from the Obama administration; however, the Household Survey reported 150,000 people dropped out of the job market?! According to Ellen Zenter, Senior US Economist at Nomura, "This (latest jobs report) showing the economy expanded at a greater pace in July than in June, but households are still telling us they're in pain."
The 'Sham' is much worse than this, one can see our youth under-employed in many areas of the economy so our government reported 8.3% Unemployment figure is probably more like 12% if the under-employed, job market quitters, and structurally unemployed were added to the actual reported unemployment figures. I was eating dinner at a diner called "Norms" just last night in Southern California and overheard to youths strategizing on getting a waiter position at the restaurant...it sounded from their conversation like we were in the 'great depression' (which just might be...we are just in denial still based on fundamentals). Not that I am really pro Romney, but over the last four years Obama should have been busy creating sustainable jobs (not road jobs) to improve our infrastructure such as our failing electrical grid and aging aqueduct systems which could have led to a whole new generation of engineers and jobs for our economy.... Creating jobs take experience and work, ChinaMart USA is a platform that been attracting investment to the US and creating US jobs for years. I explain more in my book, "Book: Dancing with the Dragon" on working with China to help our economy if this is an interest to any of my readers.
Stephen Perl, CEO of 1st PMF Bancorp, a leading U.S. commercial lender specializing in providing loans to business for working capital and trade finance.