Jobless rate drop no big surprise, despite the political racket

[Rinata]

The news Friday that the unemployment rate fell sharply to 7.8 percent just one month before the next presidential election heartened some observers and shocked others.

When you turn down the volume on all the political noise surrounding the report, however, what comes through is that the U.S. economy remains locked in a period of slow, steady job growth.

“It’s consistent with a slowly improving labor market where a few extra people are coming into the labor market,” said Joel Naroff, economist with Naroff Economic Advisors.

To understand why many economists might have that reaction, it helps to look at how the Bureau of Labor Statistics calculates its job market data – and why economists pay much more attention to long-term trends than the month-to-month changes that tend to dominate political rhetoric.

U.S. Labor Secretary Hilda Solis said all the talk about data manipulation was absurd. "I'm insulted when I hear that, because we have a very professional civil service organization. These are our best trained and most skilled individuals," Solis told CNBC. "It's really ludicrous to hear that kind of statement."

Jobless rate drop no big surprise, despite the political racket - Economy Watch

 

[Firehorse]

Less job created then the two previous months ... Yet this month there is a .4% drop? Where was the drop is the two previous months when there was greater job growth?

Very fishie numbers

 

[Lakhota]

Veteran economics reporters and columnists are strongly criticizing conservative claims that the unemployment data released by the Bureau of Labor Statistics Friday was manipulated to benefit President Obama politically, calling such allegations "implausible" and "unfounded."

More: Eight Veteran Economics Reporters Dismiss "Implausible" Jobs Numbers Conspiracy | Blog | Media Matters for America

 

[Lakhota]

Forget it, conspiracy theorists. Critics are accusing President Obama of manipulating the figures, but Bureau of Labor Statistics data can’t be cooked.

More: Jobs Truthers Are Nuts: Unemployment Numbers Can’t Be Cooked

 

[Two Thumbs]

It's temp hiring season again.

Yall lied about this the last 3 years, and are still lying.

Time to admit, obama can't fix the economy or the jobless rate.

U.S. National Debt Clock : Real Time

22.5 Million still unemployed

 

[skookerasbil]

The number is adjusted..........

First of all, it'll be adjusted upward in the next two weeks and actually, it going to end up hurting Obama because just before election day, its going to pop back up above 8%. Job #'s cannot grow without at lest a 2.5% growth rate, and probably it is closer to 4% that is needed to grow jobs. Indeed, this number defies decades of history.



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%.

It’s a Miracle – Unemployement drops by 456K but only 114K jobs were added. (updated with statement from Paul Ryan) « Atlas Shrugged Today




LOL....and they called Nixon a crook!!!



Fucking crooks took summer numbers and waited to add them together just before the election.

 

[skookerasbil]

By the way........if Im Romney, in the next debate, Im making this the cornerstone of my presentation. When Obama hits Romney with the "You're shakey with your numbers" crap, nail his ass with cooking the books on the unemployment numbers for political gain.