Nonfarm Payrolls (NFP) for February 2012

I will not bore you with the "spin" that is coming forth from today's "Non-Farm Payroll" numbers by BLS. I will leave that up to the government, Fed, and main stream media, such as CNBC.  However, I will give you the facts and nothing but the facts; because they don't lie.  The Bureau of Labor Statistics (BLS), or more commonly referred to as the Bureau of Lies and Scams, reported that employment rose by 227,000 on expectations of 210,000 by the so-called economic pundits.  The unemployment rate stayed the same at 8.3%.  On the surface, everything seems positive.  That is the problem, on the surface.  But what happens when one goes beneath the surface?  First, 60% of the 227,000 newly created jobs were due to an increase in part-time jobs, which are minimum wage positions, and the infamous "Birth/Death Model of the BLS."  Second, in regard to the "Birth/Death Model," it added 91,000 jobs, or those so-called statistical jobs that are really not real ones.  I like to think of those jobs in this model as being created out of thin air by the BLS.  (Something like the Fed does when it creates money in our economy.)  Therefore, when we subtract off those part-time jobs and statistical, unreal jobs, NFP only increased by 91,000, not 227,000.