We are told that the economy created jobs in January and while true if you accept the seasonally adjusted numbers, again there are better numbers to look at if we wish to get the true picture, for instance we are told the unemployment rate fell to 7.0% but when you strip the seasonal adjustment from the equation that number climbs to 7.4%
Again if we look at unadjusted employment numbers we actually see a decline in jobs not an increase as we are told.
Looking at the past year we see the numbers are either static or have worsened. While jobs have been created they have barely kept pace with the growth in the labour force. Unemployment is up while the participation and employment rates are down. As I said last month we are in a crisis with no end in sight.