http://finance.yahoo.com/news/us-jobless-rate-falls-7-123110106.html;_ylc=X3oDMTBtNW85NzY2BF9TAwRlbWFpbElkAzEzNDk0NzA4NTI-?bcmt=1349448861364-51563fa5-1d07-4070-9898-cd5d2c8a691e&bcmt_s=e#ugccmt-container-bUS jobless rate falls to 7.8 pct., 44-month low
US unemployment rate falls to 7.8 pct., lowest since 2009, giving Obama a potential boostI had to post a couple commentsHow did the unemployment rate drop if they need 3 times that number of jobs per month to keep up with population growth ?
Did more people just give up looking ?
Or is the media continuing to lie for Obama ?http://news.yahoo.com/blogs/ticket/obama-romney-clash-sept-jobs-report-155746409--election.html;_ylc=X3oDMTBtNW85NzY2BF9TAwRlbWFpbElkAzEzNDk0NzA4NTI-?bcmt=1349468793299-a2b165a3-2eb7-429f-b5fb-d8f1f5c5c418&bcmt_s=e#Obama, Romney clash on September jobs report
The numbers are a lie.
Due to population growth the economy needs to add 350,000 jobs per month to hold steady, How does the unemployment rate drop on 1/3 of that ?
Even the unemployment rate is a lie.
There is a number called "Workforce participation rate", that is the number of working age people in the country, it is currently at 60%.
How do you get an unemployment rate of 8% with less than 2/3 of your workforce actually having jobs ?
By fudging the numbers, you don't count recent graduates who haven't been able to find a first job, you do not count the self employed who are not getting work, you do not count any one who has just plain given up hope and quit looking, you do not count any one who has been unemployed so long their benefits have run out, in short, you do not count any one who is not in their 1st 6 months of unemployment.
Considering 14% of the potential workforce is on some sort of disability, and approximately 10% active duty military that still leaves about 15% of the work force with out a job..
That's double what the govt admits to.
http://www.theblaze.com/stories/influential-september-jobs-report-unemployment-drops-to-7-8/ Unemployment drops to 44-month low to 7.8% However, many are questioning the numbers due to “contradictory data points” such as the total employment level soaring but the low net number
Government says 873K people found work — but reports only 114K new jobs were added
Former GE CEO alleged fraud, sending a tweet saying “these Chicago guys will do anything”
Popular finance blog Zero Hedge even called it a “preelection ‘massaging’ farce”
In what will be one of the most influential jobs reports of the election season, unemployment fell from 8.1% to 7.8% in September, dropping below 8 percent for the first time in nearly four years. The private sector added 114,000 new jobs in September.
While another report will be released three days before the election, Friday‘s report is the one that will provide the bulk of material on the campaign trail during the election’s crucial final month.
The numbers, however, are perplexing to CNBC, which notes that there are some oddities:
The report presented a slew of contradictory data points, with the total employment level soaring despite the low net number.
The falling jobless rate had been a function as much of the continued shrinking in the labor force as it was an increase in new positions.
But the government said the total number of jobs employed surged by 873,000, the highest one-month jump in 29 years. The total of unemployed people tumbled by 456,000.
The labor force participation rate, which reflects those working as well as looking for work, edged higher to 63.6 percent but remained around 30-year lows. The total labor force grew by 418,000, possibly accounting for the relatively modest net level of job growth.
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http://www.ijreview.com/2012/10/18256-breaking-september-jobs-report-released/?utm_source=EmailElect&utm_medium=Email&utm_content=Subscriber%2335509&utm_campaign=10-05-2012%20IJ%20ReviewYou need to do some math with this one The number of unemployed persons (12.1 million) dropped by 456,000.
The number of persons unemployed (2.5 million) for less than 5 weeks declined by 302,000.
The number of long-term unemployed persons (jobless for 27 weeks or more) was little changed at 4.8 million.
The number of long-term unemployed persons accounted for 40.1 percent of the unemployed.
Total employment rose by 873,000 in September.
The Labor Force Participation rate was little changed at 63.6 percent.
The number of persons employed part-time for economic reasons rose from 8.0 million in August to 8.6 million in September.
If the number of unemployed dropped by 456,000, but only 114,000 jobs were added, that means that 342,000 people left the workforce in some fashion. Couple that with the fact that the number of part-time workers saw an increase of 582,000 while manufacturing unemployment saw a decrease of 16,000 jobs and this drop in unemployment rate begins to looks less and less optimistic, and more like a misleading mathematical equation.
In 2012, employment growth has averaged a gain of 146,000 jobs per month, a drop from the average monthly gain of 153,000 in 2011. Given these numbers, the 114,000 jobs added in September begin to look worse and worse, regardless of what the often-misleading unemployment rate says.
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http://www.breitbart.com/Big-Government/2012/10/05/Suspicion-Falls-on-Labor-Secretary-Solis-as-Jobs-Numbers-Questioned?utm_source=e_breitbart_com&utm_medium=email&utm_content=Breitbart+News+Roundup%2C+October+5%2C+2012&utm_campaign=20121005_m113620508_Breitbart+News+Roundup%2C+October+5%2C+2012&utm_term=MoreSuspicion 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 whether the government had changed the way it counted part-time workers.
Solis was adamant today in defending both the revisions and the BLS's methodology for counting part-time workers--relying largely on the upwards revisions for July and August jobs (emphasis added):
CNBC: We're getting bombarded by people who do not believe the number. They believe this number was fixed and typed to coincide with Election Day. What do you say to them?...I'll rephrase the question. A lot of people do not believe the 7.8 number. They believe that somehow BLS fixed this to coincide with the election cycle. What is labor's response?
Solis: You know, I'm insulted when I hear that because we have a very professional, civil service organization where you have top, top economists that work at the BLS. They've been doing these calculations. These are -- these are our best trained and best-skilled individuals working in the BLS, and it's really ludicrous to hear that kind of statement, and I say that because just look at the -- we have to look at what happens across the board, not just in one month, but look what happened in the last two months. We also saw revisions there upwards of 86,000 additional jobs added and this brings us now to 5.2 million private sector jobs across the board, we saw 104 private sector jobs created....
CNBC: Before I let you go, you say skepticism over the numbers are ludicrous. You say you're insulted. Is there a danger, you believe, when large sections was country don't believe the data. Not that it's ever been considered gospel, but when you have disbelief how much danger is embedded in that?
Solis: I will tell you that we look at each report differently. We just saw revisions for the last two months and this happens. I mean, these are estimates that obviously, the BLS puts out. They do the best calculation, using the best measurements and tools and we've been using them for the past 70 years. We haven't changed anything and the information that I received is given to me by our professional, civil service staff in the BLS.
Note that Solis describes the 86,000 upward revision as if it were an increase in private sector jobs, though in fact the increase came entirely from revisions to public sector payrolls by cash-strapped federal and state governments. Instead of shedding jobs, as previously claimed, governments have been adding jobs.
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