Valin Posted October 5, 2012 Share Posted October 5, 2012 AEI: James Pethokoukis October 5, 2012 Is this the Obama October Surprise? Only in an era of depressingly diminished expectations could the September jobs report be called a good one. It really isn’t. Not at all. 1. Yes, the U-3 unemployment rate fell to 7.8%, the first time it has been below 8% since January 2009. But that’s only due to a flood of 582,000 part-time jobs. As the Labor Department noted: The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) rose from 8.0 million in August to 8.6 million in September. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. 2. And take-home pay? Over the past 12 months, average hourly earnings have risen by just 1.8 percent. When you take inflation into account, wages are flat to down. 3. The broader U-6 rate — which takes into account part-time workers who want full-time work and lots of discouraged workers who’ve given up looking — stayed unchanged at 14.7%. That’s a better gauge of the true unemployment rate and state of the American labor market. (Snip) And this Link to comment Share on other sites More sharing options...
clearvision Posted October 5, 2012 Share Posted October 5, 2012 Good enough for Obama's camp to throw out 7.8 headlines. 1 Link to comment Share on other sites More sharing options...
Draggingtree Posted October 5, 2012 Share Posted October 5, 2012 Good enough for Obama's camp to throw out 7.8 headlines. guys guys don't drink the kool aid you know the numbers will be revised up next wk can't wait till Rush is on in 20 min. and hear what he's got to say. 1 Link to comment Share on other sites More sharing options...
Valin Posted October 5, 2012 Author Share Posted October 5, 2012 Short Article The one chart that shows there’s been no jobs market recovery since the end of the Great Recession James Pethokoukis October 5, 2012 Snip) Link to comment Share on other sites More sharing options...
Valin Posted October 5, 2012 Author Share Posted October 5, 2012 Link to comment Share on other sites More sharing options...
Rheo Posted October 5, 2012 Share Posted October 5, 2012 Former General Electric CEO Jack Welch caused a stir on Twitter Friday morning when he suggested the latest unemployment figures, showing the jobless rate below 8 percent for the first time in months, were manipulated. “Unbelievable jobs numbers…these Chicago guys will do anything…can’t debate so change numbers” he wrote on twitter, implying that the Obama administration manipulated the unemployment numbers to make them better to compensate for his terrible performance at the debate Wednesday night. Immediately, he drew a firestorm of criticism. Read more: http://dailycaller.c.../#ixzz28SmAleGu 1 Link to comment Share on other sites More sharing options...
WestVirginiaRebel Posted October 5, 2012 Share Posted October 5, 2012 Fox News: In the homestretch of a presidential race where every minute shift in the economy can translate into potential votes, both campaigns took aim Friday at the Labor Department's estimate that the jobless rate fell below 8 percent for the first time in nearly four years. President Obama's team touted the numbers as a sign the economy is improving. Mitt Romney, along with several economists, expressed deep skepticism about the report. The data even elicited a conspiracy theory from former General Electric CEO Jack Welch, who tweeted: "Unbelievable jobs numbers..these Chicago guys will do anything..can't debate so change numbers." The Labor Department reported that the rate dipped in September from 8.1 percent to 7.8 percent. It was a glimmer of good news for Obama, who's trying to recover from a disappointing debate performance and whose central argument is that the economy is moving in the right direction. "This morning, we found out that the unemployment rate has fallen to its lowest level since I took office," Obama said at a Virginia rally Friday. "It's a reminder that this country has come too far to turn back now. ... We've made too much progress to return to the policies that led to the crisis in the first place." But skeptics pointed out that not only is 7.8 percent unemployment hardly a "real recovery," but the report reflected an uptick in part-time jobs and the number of self-employed. Further, they stressed that there appeared to be a huge disconnect between the modest number of new jobs reported and the significant decrease in the unemployment rate. The Labor Department, based on a broad survey of employers, said 114,000 jobs were added in September. ________ A positive report, just in time for the election? Link to comment Share on other sites More sharing options...
Draggingtree Posted October 6, 2012 Share Posted October 6, 2012 Fact Check: Labor Secretary Solis Misleads on Jobs Revisions by Joel B. Pollak5 Oct 2012, 7:36 AM PDT 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. One reason for the rise was an upward revision of 86,000 to the July and August jobs numbers--all of which came from a 91,000 increase in the estimate of public sector jobs. Private sector job estimates were actually revised downward by 5,000. In addition, the BLS reported a large rise in the number of part-time jobs, adding 600,000 jobs to the total--a dramatic increase of 7.5%, not explained by any other economic indicators--and raising questions about http://www.breitbart.com/Big-Government/2012/10/05/Suspicion-Falls-on-Labor-Secretary-Solis-as-Jobs-Numbers-Questioned Link to comment Share on other sites More sharing options...
RidesAPaleHorse Posted October 6, 2012 Share Posted October 6, 2012 They're using the "Obamas Dog" method of computing the unemployment numbers: 1 Link to comment Share on other sites More sharing options...
Valin Posted October 6, 2012 Author Share Posted October 6, 2012 A positive report, just in time for the election? If you think these were good...just wait for Novembers! 3-4 days before Election Day. Happy days are here again, the sky above is clear again. So lets sing a song of cheer again, Happy days are here again. Link to comment Share on other sites More sharing options...
Pepper Posted October 6, 2012 Share Posted October 6, 2012 When you have 83 formerly working people out of 1000 not working you have 8.3 % unemployed. When 15 of the 83 stop looking don't you get this miraculous 7.8% ? Link to comment Share on other sites More sharing options...
Valin Posted October 6, 2012 Author Share Posted October 6, 2012 When you have 83 formerly working people out of 1000 not working you have 8.3 % unemployed. When 15 of the 83 stop looking don't you get this miraculous 7.8% ? It's that new math, I've tried to get it explained to me but speaking quite frankly we on the right are just smart enough to understand it. Link to comment Share on other sites More sharing options...
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