I’ve been saying that by the time the election rolls around the BLS would have the unemployment number below 8% and they’ve finally done it one month before the election. The lower number isn’t from job creating, it’s from the huge numbers of Americans giving up and dropping at of the labor force, which was at a 30-year low in August. Even CNBC notes the contradictory numbers produced by the Bureau of Labor Statistics:
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.
Miraculously this happens right after a presidential debate where the 8% for 44 months stat was mentioned.
The Bureal of Labor Statistics’ nonfarm paryolls report presented a slew of contradictory data points, with the total employment level soaring despite the low net number.
It truly is amazing how the economy didn’t add enough jobs to keep up with the population growth but unemployment “drops” 3/10ths of a point.
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.
This is how the unemployment has dropped under Obama. It’s not due to those mythical “saved or created” jobs and surely not Obama’s “shovel-ready” jobs that Obama admitted never existed.
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.
Labor force participation at a 30-year low and we experience a an employment boom of 873,000 in a single month right before the election? So, if the economy has really added 873,000″ jobs” in one month, why didn’t the unemployment rate drop more than 3/10ths of a percent? BLS is headed by Obama socialist tax cheat Hilda Solis.
The total labor force grew by 418,000, possibly accounting for the relatively modest net level of job growth compared to the total employed. 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 White House and BLS never mentions that a record amount of Americans either left the country or totally dropped at of the labor force. These numbers are not counted in the unemployment number. The experts were predicting 113,000 jobs created and for the unemployment rate to go up to 8.2%. Instead we only have 114,000 created and we are suppose to believe the rate dropped to 7.8%?
Economists were expecting 113,000 more jobs and the rate to rise to 8.2 percent. Last month saw 142,000 new jobs as the rate dropped from 8.3 percent in July.
However, those numbers were revised higher, with the Labor Department putting July’s number at 181,000 from the previously reported 141,000 and August up from an originally reported 96,000.
The numbers are being cooked to help Obama before the election. For 44 months the job numbers have always been revised down but one month before the election, we get a record one month jump that hasn’t been seen in 29-years? Really?