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As soon as ex-General Electric CEO Jack Welch fired off a tweet questioning today's just released "unbelievable jobs numbers," the media went into a frenzy talking about how "conservatives" were launching conspiracy theories. Well, that's handy for the media and the Obama campaign, but it's not just "conservatives" who are confused by a full 0.3% drop in unemployment when only 114k jobs were created. ...
Job growth remained tame in September, but a big drop in the unemployment rate sparked a huge debate about what this meant for the economy—and the presidential race.
The US economy created just 114,000 new jobs last month, while the unemployment rate skidded to 7.8 percent, the first time it has been below 8 percent in 44 months.
The Bureau of Labor Statistics' nonfarm payrolls report presented a slew of contradictory data points, with the total employment level soaring despite the low net number.....
Jobs Growth Rises 114,000 as Rate Slides to 7.8 Percent
But the government said the total number of workers employed surged by 873,000, the highest one-month jump in 29 years. The total of unemployed people tumbled by 456,000.
Suspicion about the federal government's September jobs report has fallen on Secretary of Labor Hilda Solis, who appeared on CNBC this morning and defended the numbers from the Bureau of Labor Statistics (BLS), claiming--falsely--that upward revisions of 86,000 jobs were from the private sector. In fact, the new number is entirely accounted for by upwards revisions to state and federal government payrolls.
The BLS reported that while only 114,000 jobs were created in September--which would have translated into a rise in unemployment from 8.1% to 8.2%--the unemployment rate fell dramatically to 7.8%. That unusual drop is the fastest in nearly three decades, and was unexpected even in the rosiest predictions....
Fact Check: Labor Secretary Solis Misleads on Jobs Revisions
U-6 Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force...
U.S. Bureau of Labor Statistics
Cash-strapped state governments and the federal government added thousands of jobs in July, August and September, boosting overall jobs numbers. The U.S. Bureau of Labor Statistics (BLS) announced today that it had revised jobs numbers for July and August upwards, with revised gains coming from public sector jobs.
With the large revisions from the BLS--revising private sector jobs down, and public sector jobs up--the modest rise in September jobs coincided with an unusually dramatic drop in the unemployment rate, causing some experts to greet the new numbers with puzzlement.
Government jobs are an important part of the explanation.
Some of the mysterious drop in the unemployment rate in September--which fell from 8.1% to 7.8%--can be explained by 101,000 new government jobs over the past three months. Some of it can be explained by slow growth in the private sector--though not nearly as much as the Obama administration is falsely claiming. But most of it is accounted for by statistical revisions and a sudden increase of 600,000 part-time jobs. That increase has surprised everyone, but should not have: it is the predicted result of the end of unemployment benefits...........
Unemployment Mystery Solved? As Jobless Benefits Expire, More Seeking Part-Time Work
Originally posted by HostileApostle
reply to post by xuenchen
The U6 rate is the accurate unemployment rate.... 14.7%
And the U6 rate in Obama first month as President....15.1%.
Anyway you slice it, Obama has now lowered the unemployment rate to below that which he was handed.
A longtime Wall Street power player makes clear the attempted October surprise jobs report by the Obama/Jarrett administration is a “fabrication built upon a fabrication” that proves just how desperate those who hope to keep Obama in power have now become.
....In this instance, nearly 350,000 people are no longer seeking work. As such, they are no longer being counted. So in essence, we have a report indicating a marginal job creation figure of just 114,000 while 350,000 have given up looking for work. That indicates 300% more Americans have given up than found employment during the month of September alone under the Jarrett administration. How easy then would it be, as our friend is so fond of saying, for them to “cook the books” by simply not counting hundreds of thousands of unemployed? Very easy indeed. ....
WALL STREET INSIDER On Latest Obama Jobs Report: ” Absolute Rubbish”
Originally posted by Robert80
The nation gets some rare semi positive news and all the cynics (AKA republicans) just bring us all down. Thanks for that I was really looking forward to skipping my prozac today, but now I need two.
Originally posted by jibeho
reply to post by xuenchen
Odd time to see a sudden rush in part timers. We were expecting to see that rush leading into the summer months for seasonal work not after. Strange indeed. Part Time is the "new" Full Time. These folks have thrown in the towel and have just accepted Part Time work as their permanent job 67% of the job gain came from these people....?? It's all spin if they are folding these part time numbers into the mix to get the overall percentage that they are looking for. Welcome to Obama's idea of success!!! Now he's stomping around on the stump today bragging about this number... "WE can't turn back now" he says.... Wow!!!
Wonder if any of these part timers work for SEIU getting paid $11 an hour to march at Romney and Ryan Rallies
I loved Jack Welch's response to these figures... It definitely does not smell right and the timing is all to perfect. One more round of employment figures are due just days before the election. I can smell the books cooking already