Friday’s employment report from the Labor Department far exceeded expectations. Mainstream analysists called the report “stellar.” Some pundits even called it the best jobs report in history. According to the Labor Department, the US economy added 266,000 jobs in November. Economists had projected an increase of around 187,000. The unemployment figure dropped to 3.5%.

Pundits keep saying the unemployment rate is at a 50-year low. Peter explained that this is not true. Fifty years ago, the methodology for calculating unemployment was much different than it is today.

If we had to calculate unemployment using the same statistical measure that they were using 50 years ago, the unemployment rate would certainly be well north of 10%.”(Peter Schiff)

Posted by The non-Conformist