Excellent analysis from Spengler on why not to take the recent Burau of Labor Statistics report at face value:
And the top reason not to believe the BLS report is:
1. The level of un- and underemployment is so huge by historical standards as to make the usual sort of measurement questionable. With nearly 20% of the population unable to find proper work, there is a different sort of workforce. The vast majority of job creation in the US during the past two generations came from small businesses, which display only vaguely on the radar of government agencies as well as the bigger private surveys. The financial crisis killed small entrepreneurs as surely as Joseph Stalin killed the kulaks, and the roots of the economy are dead and dry.
In other words, the goose that used to lay the little golden eggs, is dead.