The above number is actually 0.666666666666*. You can look it as “precisely two thirds,” and/or look at it as an aberration [of 666]. Or the work of 666, which is my thought, not the words of ZeroHedge. The devil is in the details. Read it here.
But the unemployment rate itself is based on a separate “household survey,” which showed a whopping 873,000 new jobs in September.
“This must be an anomaly,” former Congressional Budget Office director Doug Holtz-Eakin said in a snap analysis of the numbers. “It is out of line with any of the other data..”
Holtz-Eakin noted the household survey is smaller, suggesting it is not as reliable. He called estimate of 873,000 new jobs “implausible.” Source: Fox News
As a part-timer, you move to government health care and then to single payer – the Democrat goal.
RUSH LIMBAUGH: “If you believe this, we are now a nation of part-time jobs, without health care, which is what the Obama administration wants….”
MITT ROMNEY: “This is not what a real recovery looks like. We created fewer jobs in September than in August, and fewer jobs in August than in July, and we’ve lost over 600,000 manufacturing jobs since President Obama took office,” Romney said in a statement. “If not for all the people who have simply dropped out of the labor force, the real unemployment rate would be closer to 11 percent.” Source: Fox News
The U-6 number, which captures unemployment and underemployment as well as the marginally attached, stayed the same as in August at 14.7%. The civilian population participation rate rose a tenth of a point to 63.6%, exactly where it was in the 1982 midterm election, and only missing the 31-year low set last month. Source: Ed Morrisey @ Hot Air
Joe Scarborough says something is “odd” about this report. Here’s a quote from a member of his panel:
…a lot of people who projected that number as mild, said if it comes down at about 113,000 – 120,000, you get about 8.1% [Scarborough sayd 8.3%] unemployment, and now we’ve had a major tickdown to 7.8% unemployment, so…
RINO Joe Scarborough says these number don’t add up and Jack Welch’s Tweet is repeated (sorry, my tweet embed doesn’t work):
Unbelievable jobs numbers..these Chicago guys will do anything..can’t debate so change numbers ~ Jack Welch Twitter
Today’s jobs report is a classic. The report, of course, reveals the results of two surveys, one of households, one of establishments. The professional economists and the press usually emphasize the establishment survey because it is viewed as less volatile. The establishment survey was terrible. The 114,000 number of jobs created on net in September is well below the average for this year (146,000) and the average for last year (153,000). This is wholly consistent with the story that the economy is decelerating sharply as we head into the fall.
The household survey, on the other hand, portrays a September that was booming, far more so than could possibly be true given the other indicators. According to it, the unemployment rate dropped to 7.8 percent, with total employment jumping by a whopping 873,000. I wish it were true, but it will likely be a blip when we have a few more months of data.
The reality is, unemployment has been much closer to 11% to 15% than the 8.1% in the previous report or today’s 7.8% or anything we’ve seen in several years. It’s all about lies, damn lies and statistics. It’s about the “reported” and “implied” unemployment. Read how the deception happens and why 11%, at least, is the real but ignored/hidden number.
In February, GaltStock (read Statistical Manipulation here) gave an explanation of how we began the year with “adjusted” numbers that were incorrect, and reminds us (and predicts what can happen by election day):
Remember, citizens that have not looked for work in the last four weeks are not counted as unemployed. The Labor Department calls these individuals “marginally attached” rather than unemployed. To get the unemployment percentage to drop this “Not in labor force” number was increased by 1,177,000
This dropped the labor force participation rate by 0.3%, to a new 30-year low of 63.7% and viola, the unemployment rate dropped to 8.3%…These adjustments are all about not counting people that want to work but can’t find a job else the unemployment rate would be astronomical.
If the political appointees and bureaucrats at the Labor Department add just a little over 4% more people to the “marginally attached” group, they can end up with a 0.0% unemployment rate by Election day! Oh happy day.
Consider yourself intellectually insulted by this administration. The next report, and perhaps the most important report for Obama, is out on Friday, November 2nd, four days before the election. There will be revisions to today’s report. How will those revisions swing? If you look back at how we got here, you cannot believe unemployment is at 8.3%, or anywhere south of 8%.