A long trail of Slog posts from January onwards have ploughed a steady but pretty lonely furrow saying that the US ‘recovery’ data was selective, optimistic, and altogether something of a mirage. Now the rest of the Commentariat are catching on.
‘Yesterday we had the latest round of US Labor statistics to get excited about. ‘Unemployment near to 3-year low’ trumpets the main business page Reuters headline this morning GMT. But all things are relative: the rate is still 8.5% of all working age Americans. 1 in 12. In pure numbers, that’s 13.1 million. Go the the official Labor Statistics website, and you’ll read this: Continue reading