I was reading Pete Murphy's Five Short Blasts  and he documents approx. 3 million immigrants [legal and illegal] added in each year to America. Assuming they all want jobs, the unemployment rate is off approx -2-3.5%, as it ignores the need for a 2-3.5% growth in new jobs each year/month/week. MSM alleges it's only 0.8-1.4% [100K/mo] insourced foreign population into America needing jobs [the % range occurs assuming America needs 87-160M jobs] per article in part: "...Still, hiring is likely to be weak for much of that time. The recession eliminated about 8.4 million jobs. And it takes 100,000 new jobs per month just to keep up with population growth and keep the unemployment rate from rising...." http://finance.yahoo.com/news/Unemployment-rate-unchanged-apf-2244283326.html?x=0 But I'd bet they're low balling it to put lipstick on the American economy pig and likely ignoring illegals and I'm sure Pete isn't....LOL
P.S. The 87M jobs needed is MSM, the 160M jobs needed came from Dr. Roubini's RGE Blog source. Lord only knows what number is correct.
You can't trust the MSM takes [I heard there were 160 million jobs needed in America from Dr. Roubini's Website]. If you take the 9.7% UR with 8.4M unemployed, you get 87M American jobs needed. This means MSM is under-reporting unemployment by approx 1.4%, not 0.8%. It means Pete Murphy documents approx 3.5% under-reporting of unemployment. But we all know the US BLS under-reported unemployment all along, they even admitted it: "...The March 2009 benchmark level for total nonfarm employment is 131,175,000 this figure is 902,000 below the sample-based estimate for March 2009, an adjustment of -0.7 percent..." http://www.bls.gov/web/cesbmart.htm Then we have the other missing BLS unemployed documented in article in part: "...According to the BLS, the US lost another 20,000 jobs in January. However, the BLS reported that the unemployment rate dropped from 10% of the labor force to 9.7%. How is that possible, more people lose their jobs, but the unemployment rate goes down? That is the Washington Math. To add insult to injury the BLS also revised its statistics and says now that since the recession began an extra 1.2 million jobs have been lost. Instead of the 7.2 million jobs previously reported lost. Therefore, actually 8.4 million jobs have been lost. You would think that this “mistake” admission would cause the actual unemployment rate to go up. But who is counting anyway.The numbers game gets worse.December’s job losses alone were revised from 85,000 lost jobs to 150,000. This is an unbelievable revision and shocking when presented with such remarkable proof. This is a 76% error which the BLS, the President and most of the media has ignored. With those numbers, the unemployment rate for December was really about 10.2% (not counting the people no longer looking for work, more on that below) The numbers games coming from Washington has become so ridiculous that it is best to ignore what they say. None of these upward corrections caused the BLS and President Obama to revise the unemployment numbers for December 2009 upwards, as they should have been...." http://www.naplesnews.com/blogs/no-more-doubletalk/2010/feb/07/politics/ Believe evetthing you read....LOL