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Tag Archives: BLS
Here is the September report: Employment Situation Summary Friday, October 5, 2012
The next thing we know the BLS is going to turn the water in the reflecting pool on the national mall to wine. The public has watched these numbers be revised up, revised down, revised sideways…and without fail, we go back and look at the real number – U6.
5.6%: Unemployment Obama White predicted for September 2012 if Congress passed stimulus
— James Pethokoukis (@JimPethokoukis) October 5, 2012
Look, I’m no economist but how you get .3% drop out of 114k jobs is curious to me. We have the biggest drop in 29 years one month before the election. Not impossible but wow, that looks funky. By that math, wouldn’t we need to add somewhere just over 2 million jobs to have 0%? What a miracle just a month out from the election. I’m not donning a tin-foil hat quite yet:
What this .03% drop means (per Ed Morrissey) is that the number of unemployed people dropped by 456,000 when only 114k jobs were created–well below the monthly average, and below population growth. Where did 342k people go to lower the number so dramatically just 31 days before a presidential election? Did they retire, leave the planet, die of old age in the unemployment office?
Moreover, just 30 days before the election, 342K people dropped off the unemployment rolls and lowered the unemployment rate to below 8%–a benchmark number vitally important to President Obama who promised his stimulus would ensure we wouldn’t hit 8%.
Finally, this is the second hinky looking report/revision from the Bureau of Labor Statistics in as many months. Just days ago, 400,000 jobs were “discovered”–almost the exact number Obama needed to have a record of creating more jobs on his watch than were lost. – Breitbart
(Related: The Books Weren’t Cooked. Obama’s Recovery Is Just Crap. Also, Instapundit: INVESTOR’S BUSINESS DAILY: Even If Obama Did Cook The Jobs Numbers, They Still Stink.)
Right and Left alike eyed these numbers skeptically, yet Right leaning pundits are the ones being called “Jobs Birthers”. The Left, however, seemed far more worried about Romney’s handkerchief yesterday. What a stark difference between Right and Left – Conservatives were worried about inconsistencies in our jobs data while the Liberals were obsessed with a cheating hanky. How embarrassing.
Anyway, like I said I am no economist, so here are my link bombs on the topic. They were of use to me and hopefully will be to you:
NFP Prints 114K, On Top Of Expectations Of 115K; Unemployment Rate Tumbles To 7.8% On Expectations Of 8.2%
Reason For Today’s Unemployment Rate Plunge: Part-Time Jobs For Economic Reasons Surge Most Since QE1 Announcement
Goldman’s NFP Postmortem
The Strangest Number In Today’s Jobs Number
The sickly, stagnant September jobs report
Economist: Unemployment drop ‘implausible … a statistical quirk’
Jobs report: 114K jobs added, jobless rate 7.8%; Update: CNBC confused by “contradictory” numbers; Update: Bloomberg explains?
The Plight of Young, Black Men Is Worse Than You Think
Unemployment Rate Plummets to 4.3%–For Government Workers Continue reading
It’s getting really tiring listening to more lies. Manipulating the BLS data and ignoring the millions that have dropped out of the workforce and label it as ‘growth’ is terribly insulting. Continue reading