19 months in a row! The Conference Board’s index of leading economic indicators has now fallen for 19 months in a row. When something happens for 19 consecutive months, that is definitely a trend. The economy is clearly in big trouble, and conditions are getting worse with each passing day. But the mainstream media continues to insist that the economy is doing just great. They tell us that inflation is low, but if it was still measured the way that it was back in 1980, the official rate of inflation would be well into double digit territory. And they tell us that the unemployment rate is low, but if honest numbers were being used the official rate of unemployment would be about 25 percent right now. There are highly qualified people that can’t even get an interview even though they are sending out hundreds and hundreds of resumes. What are they doing wrong?
Of course the truth is that they aren’t doing anything wrong. The employment market is far tighter than we are being led to believe, and that isn’t going to change any time soon.
When a working age American is not working, the government puts that individual into one of two categories.
Right now, there are only 6.5 million U.S. adults that are officially considered to be “unemployed”.
But another 99.9 million U.S. adults are considered to be “not in the labor force”. So they don’t count as being “unemployed”.
When you add those two numbers together, you get a grand total of 106.4 million U.S. adults that do not have a job right now.