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September Jobs Report released to skeptical reception

September Jobs Report released to skeptical reception

The Bureau of Labor Statistics released September jobs numbers showing the unemployment rate dropping to 7.8 percent, below 8 percent for the first time in 44 months. In addition, employers added 114,000 jobs in September.

James Pethokoukis of the American Enterprise Institute referred to the report as “the sickly, stagnant September jobs report,” and that “only in an era of depressingly diminished expectations could the September jobs report be called a good one.”

While in months past, a shrinking labor pool had contributed to the percent unemployed, it appears that the total number of workers has increased by 873,000, which, according to CNBC, is “the highest one-month jump in 29 years.” Pethokoukis continued that if labor force participation rate had remained at the same rate as it was when Obama first came to office, unemployment would actually be 10.7 percent:

The shrunken workforce remains shrunken. If the labor force participation rate was the same as when President Obama took office, the unemployment rate would be 10.7%. If the participation rate had just stayed steady since the start of the year, the unemployment rate would be 8.4% vs. 8.3%. Where’s the progress?…even the artificially depressed 7.8% unemployment rate is way above the 5.6% unemployment rate the White House predicted for September 2012 if Congress passed the $800 billion stimulus package back in 2009.

If this is the October surprise, some like Jack Welch are concluding it’s fair to say it may have been shipped from Chicago:

Already Welch has been attacked by the New York Times and Huffington Post, and Labor Secretary Hilda Solis was forced to address the comments on CNBC this morning, referring to Welch’s tweet as “ludicrous,” and saying “I have the highest regard for our professionals who do the calculations.”

As more Americans give up looking for work, the labor force participation rate continues to be one of the most important factors in answering, “Are you better off today than you were four years ago?” And perhaps even more important, “do you think you’ll be better off after another four years under Obama?”

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Comments

These numbers are always adjusted over time. I don’t know how these numbers are calculated but I wonder, why can’t they get them right the first time?

fearandloathing | October 5, 2012 at 11:03 am

114,000 new jobs created. Total number of workers increased 873,000. What am I missing? Maybe each of the 873,000 got about 15% of a job? Maybe as paid campaign workers, leaving door hangers in their neighborhoods for 6 hours a week?

DINORightMarie | October 5, 2012 at 11:17 am

Rush predicted this, way, WAY back!! Haha! I know what he will start off with to kick of his first hour today! 😀 Transparent – yeah, transparently deceitful! Ha!

As a side note, the majority of jobs, from what I’ve read, are “part-time” positions, so these numbers are false and misleading if accepted as accurate – which I don’t think ANYONE paying attention could or will do.

This report, given the collapse of the jobs pool, the decreasing participation rate, and the highly-suspicious 29 year jump…..yeah, smells like Chicago all right.

These propaganda-pushing tools are so transparent – and all too predictable.

Tune in at noon – Rush will be ecstatic, I predict!!

I hope this is their October surprise. Americans won’t be fooled. If the elitist idiots in the MSM think so just more proof of their elitism and idiocy.

My 60 year old brother has been unemployed for 3 years and stopped being counted long ago.

How would he and all those who they say have given up go about getting themselves re-included in the jobless numbers so that next month we can have a more accurate count?

Libertarian Advocate | October 5, 2012 at 11:49 am

I’m looking forward to ShadowStat’s John William’s take on these numbers, but already it seems there is considerable skepticism surrounding the accuracy. I’m guessing that Hilda’s masters see that they have little left to lose, so why not cook the books….

Only a idiot would believe these numbers. That is who these numbers are aimed at. The soft left idiots on local media and others who want a hook to hang their rationalization to support this disaster thru the final month.

Why is there any celebration for 7.8% – that TIES Bush’s WORST month!

Who didn’t see this coming?

The Obama Administration would hold up a liquor store if they believed it was necessary to con the public.

Fortunately, I don’t believe anyone believes it, right or left, but it will be hawked like a camel herd at an Bedouin Bazaar.

    Henry Hawkins in reply to VotingFemale. | October 5, 2012 at 1:42 pm

    Just heard Rush replay his much earlier prediction of exactly what happened today – sharply improved numbers right before the election.

Of course they’re cooking the books. It’s all they have left. They’re trying to keep Obama afloat while the upcoming story of illegal campaign contributions is about to break. Also, here in California I just paid $4.65 per gallon of gas yesterday and gas shortages are on the way apparently. How could he possibly be re-elected with all this stuff about to hit the fan? Cooking the books is really their only option.

legalizehazing | October 5, 2012 at 1:22 pm

The line about the participation rate is so key.
If the same number of people were actually looking for jobs as when Obama took office and since had not given up on searching, the unemployment rate would be 10.7%.

10.7%

Subotai Bahadur | October 5, 2012 at 1:25 pm

Every word that Democrats say, especially the current regime, is a lie. That includes “a”,”and”, and “the”. To them, the march into the new Socialist dawn is worth the sacrifice of the truth.

Given that they have proved over and over that they will lie and routinely falsify facts:

[Stephanie Cutter, the Obama campaign spokes-critter, admitted on CNN today that they lied about the “$5 Trillion tax cut”

http://hotair.com/archives/2012/10/05/cutter-yeah-weve-been-lying-about-the-5-trillion-we-said-romneys-lying-about/ ]

Why should we assume that the vote count in any area with a Democrat County Clerk, Democrat Secretary of State, or a Democrat Election Commissioner will be honest? Of course they will steal the election, regardless of the vote, if they can get away with it.

Subotai Bahadur

These numbers carry the stench of Chicago politics.

Jack Welch and Allen West have been critical of the numbers of which the “adjustment” of the previous month’s total employment figures are highly suspect.

Expect more to these antics in the weeks ahead…

    Not A Member of Any Organized Political in reply to GrumpyOne. | October 5, 2012 at 7:22 pm

    Yeah Grumpy, expect the next “new car” sales report, and next “retail sales” report, and next “housing starts” and house sales reports to be the biggest, most Historic Evah Ever and favoring Obumbler.

    “Oh what a stewed book they cook, when they learn to cook with crook!”

JimMtnViewCaUSA | October 5, 2012 at 1:59 pm

Interesting pjmedia article by Charles Martin notes that basically ALL of the gains is from an uptick in parttime postions.
He speculates that employers can’t afford to pay benefits for fulltimers.

    Not A Member of Any Organized Political in reply to JimMtnViewCaUSA. | October 5, 2012 at 7:28 pm

    Jim did you also catch this past week how all the network tv media was screaching “retailers are hiring more”…..for the Christmas holidays…….

    They tried to make it sound as though this was “UnExpected,” and new hiring that never happened before in the history of retailing! When in fact it is like “DUH!” this is nothing but seasonal worker hiring that always takes place this time of year.

    If the truth be told, I would bet retailers are hiring fewer temps for the season than in decades.

    Check out Mish’s Global Economic Analyis reports on how Chinese Manufacturing output for holiday export sales has just fallen off a cliff! There’ll be little need from many more temp workers when Xmas sales end of being less than last year’s dismal sales record!

    Manufactures DO NOT CUT BACK on output Unless Demand has Already been cut back radically already!

At the NYT link:

BTW Isn’t Jack Welch about the last person on earth who shd talk about organizations manipulating numbers to impress markets?
— davidfrum (@davidfrum) 5 Oct 12

From time to time I’ve seen criticism of Welch’s GE to that effect. Here is an example from today.

IMHO the pro-Obama MSM is quite happy to report Neutron Jack’s bloviations on job market statistics.

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