Normally, with a civilian labor force of 154.6 million workers, the economy would have had to create more than 462,000 jobs in order to lower the unemployment rate by three-tenths of a percent from 8.1% to this morning's reported 7.8%. But, according to Barack Obama's Bureau of Labor Statistics, it only took 114,000 jobs added to do the "trick". So, automatically, one has to wonder what "magic" or what "miracle" took place in order to make this happen.
Well, if I was to believe the "Bureau", apparently 873,000 previously discouraged workers -- workers who had just given up looking for work because there were no jobs -- got off their couches; turned off their TV sets; walked out the door; and, just automatically found a job. Mostly part-time jobs; but, a job anyway. What's more, this amazing and massive jump in the size of the workforce is something that hadn't been seen in 29 years; at a time when the economy was growing 3-1/2 times faster than the current, anemic growth rate of 1.3%. Conveniently, this "miracle" occurred just a little over a month before the election. Also, what's even more remarkable about this is the fact that it occurred within a backdrop of a whole host of weakening economic numbers; especially, disastrous durable goods orders and high rates of weekly filers for unemployment insurance. WOW! Truly, Ah-mazing!
Note: Even the former and well respected General Electric CEO, Jack Welch, took an unprecedented stand and accused Obama of "cooking" the numbers.
You realize, of course, this employment number and the next employment number will have a chance to be revised after the election; just as the previous two jobs numbers (July and August) were revised this morning. Only then will the September jobs report become officially booked.
-- CNBC: Jobs Growth Rises 114,000 as Rate Slides to 7.8 Percent: http://www.cnbc.com/id/49299718
-- Washington Post: Jack Welch accuses Obama of cooking jobs numbers: http://www.washingtonpost.com/blogs/election-2012/wp/2012/10/05/jack-welch-accuses-obama-of-cooking-jobs-numbers/
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment