Here is a quote from the article in the National Journal which kind of sums it up for me.
"Payroll jobs numbers and the unemployment rate are calculated from two separate surveys, which helps explain the conflicting readings of faster job growth and higher unemployment. The precise reason for the discrepancy isn't yet clear, but the unemployment survey has a smaller sample size and tends to be more volatile than payroll numbers, which are generally a more reliable indicator of labor market health."
Now, how is it America has all these pointy headed economists, many of whom are paid big money to inform us all how smart they are, and they can't figure this conundrum out? HERE is the full article. I would suggest the press just hire a couple of female homemakers if they really want to discuss the economy accurately. Mothers sitting around the kitchen table are much smarter and have a clearer picture of our nations economy because they live it. Besides, many labor sectors are not even included in the government totals because they are "entrepreneurs" and that keeps the unemployment percentage a lot lower.
Take contractors for one example. Usually a one man operation in many cases, the contractor is not counted unless he is a person on a payroll. The boss isn't and in California there are thousands if not a couple of hundred thousand of them not working but not counted. If they are added nationwide, my guess is the unemployment percentage would go up a couple of percent! I also read a Goldman-Sachs report today and I just shook my head in disbelief at the ignorance these big city "journalists" have. Then I remembered, GS was not sent to jail for scamming and stealing in the financial sector because they are friends of big government leaders, so they had to portray the economy as Obama's good news. What a joke, they are simply afraid to tell the truth because the SEC may come and take them to jail where they belong. But I digress.
America has huge unemployment in reality. Many jobs are never coming back. Now we can see what happened to the steel industry and it is nationwide and in many diverse industries. But with brain dead legislators at all levels of government, things will get worse. In California, we have a greater rate of unemployment. This has not stopped the kids under the dome and in the Governor's office from passing more rules and laws to control people's lives and their behavior. It is as if they live in a bubble and are all on cocaine. The bureaucracy is the same too.
I do fear for my country because we are being lead mainly by leftwing buffoons and they are in denial. We need to give them a mandatory continuous dose of Prozac, sit back and pray they start paying attention to reality. But, I am not optimistic, and this upcoming election season will be either the nail in the coffin or a Renaissance of hope and change.