Fridays Controversial Jobs data: Happy Days are here again or are they?
October 6,2012
PJ Blogger
Ridgewood Nj, Friday mornings jobs report released by the Bureau of Labor Statistics is being met with heavy skepticism. The report found that, from August to September, the unemployment rate dropped from just above 8 percent to 7.8 percent. In fact, when Labor Secretary Hilda Solis appeared on pro Obama- CNBC Friday, the first two questions for her were whether the books have been cooked.
As expected the mainstream media on Que ran with the numbers and began singing happy days are hear again. Our first reaction was ,are they now counting food stamp recipients as part time jobs?
The anemic job growth survey showing only 114,000 NFP (non farm payroll) new jobs , left many economist to scratch their heads. Former Chairmen of GE Jack Welch started a fury when he commented on twitter , “Unbelievable jobs numbers..these Chicago guys will do anything..can’t debate so change numbers”
Douglas Holtz-Eakin, a former economics adviser to John McCain and the former head the Congressional Budget Office, called the numbers on CNBC “implausible.”https://www.weeklystandard.com/blogs/jobs-report-met-skepticism_653731.html
But econmist Larry kudlow comments via twitter to my good friend Jack Welch, bulging household and part-time jobs brought unemployment rate down.No conspiracy. Recovery?
Larry was also quick to point out the facts ,”7.8% unemployment from 600k part-time workers and 118K self-employed .873K rise in households No conspiracy. But 114K NFP weak.2% economy ”
This was verified by Zero hedge which does a pretty good job deciphering economic numbers ,”The reason: the biggest reported jump in the number of employed people since January 2003, at +873,000 to 142,974. At least according to the Household data survey, which just happens to be used in the calculation of the unemployment rate. Just little bit off from the Establishment survey of +114,000.” https://www.zerohedge.com/news/2012-10-05/nfp-prints-114k-top-expectations-115k-unemployment-rate-tumbles-78-expectations-82
Again According to Zero hedge ,”The reason is that the number of part-time people employed for economic reasons soared by 582,000 to 8,613,000, the most since October 2011, and the largest one month jump since February 2009, when “restoring” confidence in the economy was all the rage… and just before the Fed announced the full blown QE1 in March of 2009.” https://www.zerohedge.com/news/2012-10-05/reason-todays-unemployment-rate-plunge-part-time-jobs-economic-reasons-surge-most-qe
Another words part-time Jobs for economic reasons surge most since QE1 announcement. Meanwhile the Labor force participation rate rises from 30 year lows to 63.5%. to 63.6%.,not exactly stunning. The grim facts remain the same in order to get this economy moving along the US still needs to produce 350- 450,000 (NFP) per month ,maybe even more at this point.
The real employment numbers are by a certified provider of such facts.
Topic editor should stop messing the facts and truth numbers.
They just add confusion to the topic and our readers here.
Good article. The fact that people have been mouthing off about conspiracy theories without a basic understanding of how the numbers work is astounding to me. Certainly not a conspiracy, and also certainly not happy days again. Also not much can be done to get to a 350-400k run rate IMO.
#1 DOM best to know something about what your talking about before to post , bet you cant name one erroneous fact in the article ?
Sick to issues you have some basic understanding of