The unemployment rate dropped sharply last month to 9 percent [down from 9.4%], based on a government survey that found that more than a half-million people found work.
...The unemployment rate has fallen by eight-tenths of a percentage point in the past two months. That's the steepest two-month drop in nearly 53 years.
Buried within the report, outside of the view of home page lead headlines, is this important item of interest:
"But part of that drop has occurred as many of those out of work gave up on their job searches. When unemployed people stop looking for jobs, the government no longer counts them as unemployed."
The number of people who have given up looking rose to 2.8 million last month, from 2.6 million in December.
We can expect to see leg tingling excitement amongst mainstream pundits struggling to hold on to the Bernanke-Geithner-Obama narrative of recovery, as they grasp for any semblance of statistical evidence to show they've been right all along and that you should be heading to Disney World with the kids the minute weather conditions improve. Never ones to delve into the possibility that the algorithmic analysis and surveys used by the Bureau of Labor and Statistics and our government might not tell the whole story, 9.0% will be blindly touted by the best and brightest as evidence of success for the estimated $23 Trillion in stimulus, bailouts and monetary expansion which have prevented another catastrophic financial and economic collapse.
The reality, however, is starkly different from the perceptions being created by the power elite who are attempting to prevent Egyptian style political uprising and civil unrest in the U.S.
While the majority of Americans will take this latest report as a sign that things really are getting better, even if the data are skewed and manipulated, we subscribe to the musings of Horace (65 BC - 8 BC), who said naturam expellas furca, tamen usque recurret - You can drive Nature out with a pitchfork, but she'll always come back.