[NeoCaveman]

I wonder how many disputations there will be over this unemployment statistic. Rate magically falls below 8%. Rush said it would, months ago.

[tioga]

I still see my unemployed neighbors sitting at home. Saw an article earlier today that said if they count all those that “dropped out” of the job market due to no jobs....it would be over 10%. A+++

[SoothingDave]

Another couple hundred thousand magically disappear from the labor force?

[SoothingDave]

http://www.nationalreview.com/corner/329519/think-again-about-good-jobs-report-kevin-hassett

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.