Bernanke: Obama Unemployment Numbers 'Out of Sync'

"Declining jobless numbers, sprouting lately from the Obama administration like so many spring crocuses, have left even the Chairman of the Federal Reserve puzzled over figures that are "out of sync" with the overall economy.

Bernanke then proceeded to explain why unemployment figures from the administration seem so out of step with the reality most folks are experiencing. He started with a basic, but often overlooked, part of the jobless equation. "The monthly increase in payroll employment, which commands so much public attention, is a net change," he said. "It equals the number of hires during the month less the number of separations (including layoffs, quits, and other separations)[.]"

In other words, the U.S. job market is in a constant state of flux, with people leaving the workforce due to retirement, or being fired, or leaving a job for a better position, etc. Likewise, some of the positions will be refilled, taking a person out of the ranks of the unemployed. These are not jobs created, but replacement hirings. Then Bernanke concluded, "the increase in employment since the end of 2009 has been due to a significant decline in layoffs but only a moderate improvement in hiring."

.... the most recent numbers from the Bureau of Labor Statistics, cited by Bernanke, show that the number of people being hired has declined in 2012 -- even as Obama officials reported that unemployment figures came down." [American Thinker]