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Sunday, December 9, 2012

Jobs Truths

A couple examples of what you are not hearing in the mainstram media concerning the jobs situation. Although you did hear that the unemployment rate dropped down to 7.7%. Do you wonder why? Two things actually, the Obama Administration changing the way unemployment is figured, dropping the long term unemployed who have stopped looking for work or those who have taken menial part time jobs from the accounting, and, the fact that over 600,000 of the reported new jobs created in the last 5-6 months have been government employees.

73% of New Jobs Created in Last 5 Months Are in Government by Terence P. Jeffrey of CNS News, see report here.

Seventy-three percent of the new civilian jobs created in the United States over the last five months are in government, according to official data published by the Bureau of Labor Statistics. In June, a total of 142,415,000 people were employed in the U.S, according to the BLS, including 19,938,000 who were employed by federal, state and local governments.

By November, according to data BLS released today, the total number of people employed had climbed to 143,262,000, an overall increase of 847,000 in the six months since June.

In the same five-month period since June, the number of people employed by government increased by 621,000 to 20,559,000. These 621,000 new government jobs created in the last five months equal 73.3 percent of the 847,000 new jobs created overall.

And another indication of Obama's failed economy that you won't see in the mainstream media is that Citigroup Plans to Cut 11,000 Jobs read the full article here, by Jennifer Booton.

To save more than $1 billion annually, Citigroup said this week that it plans to axe 11,000 jobs -- mostly in operations and technology -- and tighten expenses company wide.

The New York-based bank will realize about $900 million in savings in 2013, followed by more than $1.1 billion in annual savings beginning in 2014, though a Citi executive hinted in an interview with FOX Business's Elizabeth MacDonald that more cuts could be on the horizon.

"I don't think anyone can come to the conclusion the bank is going to sit back and do nothing else," the person told MacDonald. "(Citi CEO Michael) Corbat said in October he now wants to focus on operational efficiency; layoffs shouldn't be a surprise."

The latest round of cuts, which will result in a pre-tax charge of $1 billion in the fourth quarter and another $100 million in the first half of 2013, is expected to provide Citigroup the flexibility it needs to reinvest in profitable lines of business and in emerging markets.

Citibank's plan is obviously in response to Obama's plan to raise taxes across the board not to mention the obscene costs that Obamacare will bring to all businesses.

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