The godfather of the Tea Party Movement Rick Santelli couldn't contain himself with the rhetoric that the unemployment numbers dropped to the lowest figure not seen in years. The figures are again manipulated since the unemployment rate does not account those who quit looking for work. It is commonsence that unemployment can't drop that dramatically when 36,000 jobs were created last month. That is an impossible feat.
(Media Research Center) Jobs are heading up and down at the same time. The Bureau of Labor Statistics announced the morning of Feb. 4 that only 36,000 jobs were added in the month of January, but the unemployment rate dropped from 9.4 percent to 9.0 percent.
The mainstream news media will likely latch on to the dropping unemployment rate, despite job gains that were less than one-fourth of the consensus estimate of 148,000 jobs added. One of the CNBC panelists noted that the increase was "way below consensus."
CNBC's Rick Santelli even lashed out at some of the CNBC "Squawk Box" panel that were discussing the latest jobs report.
CNBC's Steve Liesman interjected: "It went down, Rick. It went down - "
Santelli continued to criticize the spin: "You know what Steve? You and I both know that the unemployment rate, the labor force moving in and out, those giving up, is really probably your best statistical reason for the drop to 9.0 (percent). And in terms of jobs, you, Mr. Steve Liesman, said if you work just one day. If you stay home but you get paid you're counted in the data …"
But the fact that the two different economic surveys conducted by the BLS were moving in different directions was baffling to many. Even the liberal Economic Policy Institute noted on its blog that the picture was "muddled."
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