Leading Financial Newsletter Profit Confidential Says December U.S. Job Numbers Are Not What They Seem
While mainstream economists rejoiced about the December job numbers report released by the U.S. Labor Department, Michael Lombardi, lead contributor to Profit Confidential, says that you shouldn't be fooled.
(prHWY.com) January 12, 2012 - New York, NY -- While mainstream economists rejoiced about the December job numbers report released by the U.S. Labor Department, Michael Lombardi, lead contributor to Profit Confidential, says that you shouldn't be fooled.
Lombardi responds to the unemployment rate being down to 8.5%:"The official unemployment rate is not a true gauge of employment, as it excludes people who have given up looking for work and part-time workers who want full-time jobs but can't get them."
The underemployment rate, which includes the two important categories noted above, stands at 15.2%. Lombardi says that is the true unemployment number. In that respect, the job numbers report does not impress.
The reports show that U.S. employers added 1.64 million jobs in 2011. "After the trillions of dollars the government has thrown at the economy over the past three years, only 1.64 million jobs were created in 2011," says Lombardi.
This equates to only 19% of the 8.75 million American jobs lost during the recession. "Again, in this light, the December job numbers do not impress," Lombardi writes in Profit Confidential.
The Dow Jones Industrial Average fell 40 points just after the market opened following the report, Lombardi points out.
Lombardi calculates the true cost of jobs being created, "A $5.0-trillion increase in government debt over four years and 2.58 million jobs created in 2010 and 2011. That equates to $1,937,984 in debt created for every new job. How can anybody be happy with these numbers?"
Profit Confidential, which has been published for over a decade now, has been widely recognized as predicting five major economic events over the past 10 years. In 2002, Profit Confidential started advising its readers to buy gold-related investments when gold traded under $300 an ounce. In 2006, it "begged" its readers to get out of the housing market...before it plunged.
Profit Confidential was among the first (back in late 2006) to predict that the U.S. economy would be in a recession by late 2007. The daily e-letter correctly predicted the crash in the stock market of 2008 and early 2009. And Profit Confidential turned bullish on stocks in March of 2009 and rode the bear market rally from a Dow Jones Industrial Average of 6,440 on March 9, 2009, to 12,876 on May 2, 2011, a gain of 99%.
To see the full article and to learn more about Profit Confidential, visit
www.profitconfidential.com.
Profit Confidential is Lombardi Publishing Corporation's free daily investment e-letter. Written by financial gurus with over 100 years of combined investing experience, Profit Confidential analyzes and comments on the actions of the stock market, precious metals, interest rates, real estate, and the economy. Lombardi Publishing Corporation, founded in 1986, now with over one million customers in 141 countries, is one of the largest consumer information publishers in the world. For more on Lombardi, and to get the popular Profit Confidential e-letter sent to you daily, visit
www.profitconfidential.com.
Michael Lombardi, MBA, the lead Profit Confidential editorial contributor, has just released his most recent update of Critical Warning Number Six, a breakthrough video with Lombardi's current predictions for the U.S. economy, stock market, U.S. dollar, euro, interest rates and inflation. To see the video, visit
http://www.profitconfidential.com/critical-warning-number-six
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