US jobless rate falls to 7.8 pct., 44-month low

Yahoo News ^ | October 5, 2012

[Oldeconomybuyer]

WASHINGTON (AP) — The U.S. unemployment rate fell to 7.8 percent last month, dropping below 8 percent for the first time in nearly four years. The rate fell because more people found work, a trend that could impact the presidential election.

[tcrlaf]

“Suddenly 873000 jobs appear out if nowhere !!!
This is a scandal of huge proportion !!!”

IT’S A MIRACLE, COMRADES! A MIRACLE!!!

And if you don’t believe that, YOU MUSS BE A RASSISS!!!

[stephenjohnbanker]

” Otherwise eligible unemployed persons who do not file for benefits” Do they now have a job?

What about all of those small business owners who lost their business? They are not eligible to file most likely. Are they employed? The people above, are they employed?

People who worked commission only jobs who lost them. They are not eligible but are they somehow not worty of being counted?”

Great point!

BUMP!

[mandaladon]

Interestingly, according to the BLS website, the 386,000 jobs that are being adjusted is a preliminary report. The final report is not scheduled to be issued until February 2013....post election. How convenient!

[QT3.14]

Reminds me of this:

[manc]

I've been out driving and going channel to channel with the media and all of them are telling B/S.

All I hear is how the unemployment is down, how great the country is looking and how we are on the right track.

This is total B/S, never in my life have I ever seen a media so out there campaigning, I thought 2008 could not have got any worse but boy was I wrong

[1rudeboy]

Either you did not read my earlier posts, or you misunderstood them. Unemployment compensation, and whether you are eligible for it, receive it, or no longer collect it, is not a factor in the calculation of the unemployment rate. Which is why I posted the link to BLS in the first place.

In other words, the statement that "but [once] people no longer receive unemployment they are no longer carried on the rolls of the unemployed . . . therefore, they are no longer counted," is factually incorrect.

[Bellagio]

The Kenyan desperately needed a bellow 8% unemployment number to rally behind to shut down Romney and the Republicans # offensive argument, jobs. And his minions gave it to him.

Now that pesky 8% unemployment number has been removed from future debates!

[BizBroker]

I think that you are the only one in the entire galaxy who sees it that way. UE IS a factor in the calculation, that is the entire point! If you don’t collect it, you are not counted. If you do collect it you are counted. This is not rocket science. Your own post says this and you are denying your own evidence.

If they are counted, I would like to see how. Your own post states that if someone no longer recieves benefits they are no longer counted.

“These data are not used to measure total unemployment because they exclude several important groups. To begin with, not all workers are covered by UI programs. For example, self-employed workers, unpaid family workers, workers in certain not-for-profit organizations, and several other small (primarily seasonal) worker categories are not covered. In addition, the insured unemployed exclude the following:

Unemployed workers who have exhausted their benefits- Shouldn’t they be counted?

Unemployed workers who have not yet earned benefit rights (such as new entrants or reentrants to the labor force- shouldn’t they be counted? They are not working...

Disqualified workers whose unemployment is considered to have resulted from their own actions rather than from economic conditions; for example, a worker discharged for misconduct on the job. Again, are they working?

Otherwise eligible unemployed persons who do not file for benefits” Do they now have a job?

What about all of those small business owners who lost their business? They are not eligible to file most likely. Are they employed? The people above, are they employed?

People who worked commission only jobs who lost them. They are not eligible but are they somehow not worty of being counted?

The only thing I can think of is that you are saying that the Unemployment numbers are only one figure used to determine those who are unemployed but they are not the entire picture. If you are saying that then I can agree. But if you are saying that we currently have 7.8% unemployment right now because of these numbers then I would have to call BS on that one and refer you to the Workforce Participation Rate.

[1rudeboy]

So which, if not all, of the numbers confuse you? Initial claims, continuing claims, U3, U6, Ux, or the labor force participation rate? If you are specific, I can help.

[1rudeboy]

If you don’t collect it, you are not counted. If you do collect it you are counted.

Is this the portion of my reply you fail to understand?

These data are not used to measure total unemployment because they exclude several important groups.

[BizBroker]

None of them are confusing to me. My question to you is this. Does the percentage of those in the working population who are unemployed and looking for work, given up looking for work, unemployed and collecting benefits, and dropped out of the workforce, now stand at 7.8% of the entire workforce?

[Canedawg]

Lies. damn lies, and statistics.

[1rudeboy]

Hello? We are discussing whether unemployment compensation figures into the calculation of the unemployment rate. And it does not.

relevant quote: "I'm used to people saying something that's not always true, but just keep on repeating it and ultimately hoping I'll believe it."

[a real Sheila]

this is total BS that reeks a mile away!

Just because they say it is so, does not make it so!
THey’ve become so bold and blatant with their lies.
Why don’t they just go ahead and claim that it is at 3%?

They can lie all they want, but I personally know several people who lost their jobs the past year, my husband being one of those. He was out of work for 9 months, due to defense cuts. Took a HUGE paycut to go back to work.

[bigheadfred]

I’m really happy about 7.8.

I bet my boss it would be 7.8. He said they wouldn’t have the guts to drop it that low. I said they would tell any lie to get the Zeeb back in there. I win!

[pabianice]

Wait until the October number of 6.9%...

[BizBroker]

Yes it does! If you are not collecting it, according to the media and BLS, and your own post, you are not unemployed. Are you really this obtuse or is it deliberate?

No one is reporting any number other than this one to evaluate the jobs situation in the economy. And according to your own post many who do not have a job are not included in the number. De facto, they are not counted in the 7.8% figure being reported. And they are not part of the evaluation being used to determine the state of the economy with regard to unemployment and the TRUE percentage of those working and not working. You are purposely trying to muddy the issue to protect your boy Obama. I am done responding to you as I would do better to attempt to explain calculus to a chimp.

[1rudeboy]

I will try this another way, one last time:

1. If you are not eligible for unemployment, and looking, or
2. if you are collecting unemployment, and looking, or
3. if you have run out of unemployment, and looking,

you are counted as unemployed for the purpose of calculating the unemployment rate.

Ergo, your comment that if "you don’t collect it, you are not counted. If you do collect it you are counted," is false. "False," as in "incorrect," or "not true."

[woweeitsme]

Haven’t read through this whole thread...but I’m sure someone said it: Wait until next month when the number is under 7%!

[TwelveOfTwenty]

Participation rate Not seasonally adjusted 63.7 - 63.6 = -0.1

Good to see that Romney is on this. He has already pointed out that the unemployment rate would be much higher if the participation rate was what it was four years ago.