Skip to comments.What the 7.8 percent jobless number really means
Posted on 10/05/2012 6:22:02 PM PDT by richardb72
The official unemployment rate of 7.8% means we are finally back to the level when Barack Obama became president, at the height of the recession. That may seem like great news. However, a more serious analysis of the job market numbers indicates continued gloom.
First or all, full-time employment actually fell last month. Total jobs rose only because part-time employment increased so dramatically.
Even so, the number of jobs, full-time and part-time, is falling short of the ever-increasing working-age population. Last month there was a net gain of 114,000 jobs. But with an expanded working age population of 206,000 and 63% of those working, 131,000 jobs would have had to be added to keep the fraction employed from falling. . . .
(Excerpt) Read more at foxnews.com ...
It means that we are moving towards a Soviet Union model of part time employment, food stamps, disability and free cell phones.
I am totally dumbfounded by the latest jobs report. 114,000 new jobs are reported, but in the next breath, it’s claimed that over 800,000 more people are working. How do those numbers reconcile? What exactly is meant by them? I would expect an obvious think like that to be explained in the numerous articles today, but I have yet to see it.
So with all this good news we won’t need to print any more money for QE3.
So according to a Breitbart article, 600,000+ of the 800,000+ plus new workers are part-time jobs. I didn’t know that part-time workers were included in unemployment figures.
They aren't. They're included in the employment figures.
In other words, total employment increased by 100,000 -- but part-time employmenbt increased by 600,000.
Meaning that full-time employment declined by 500,000 -- and that's supposed to be good news?
That about 870,000 people used up their benefits and are no longer being counted by the BLS as Unemployed
Holiday season hiring? Who are they fooling.
>>”Who are they fooling”<<
Legacy media types like Ron Fournier, Marc Ambinder,Rick Klein & Chuck Todd, to name just a few.
7.8 %... BULL squeeze....
The BLS report is made up of several different surveys. The 114,000 job survey is done by contacting businesses. The employment rate survey is done by calling households. The two are only connected in that one would think they would show the same trend and BLS puts them out on the same report.
If one looks at just the new jobs number for September and the upward revisions from the previous months it actually paints a bleak picture.
The average monthly job increase for 2012 is 146,000 jobs. That is down from 153,000 in 2012. The economy is producing less jobs this year than last and none of these numbers look like a recovery.
It gets even worse. The July and August numbers were revised upwards to 181,000 in July and 142,000 in August. That means the three month trend is 181,000, 142,000 and 114,000, a sharp decline in job growth. Even the revised 181,000 July number isn't the kind of job growth expected in a recovery.
The last crusher on this survey is that number of people working part time involuntarily rose by 600,000.
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) rose from 8.0 million in August to 8.6 million in September. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.
Not much of a recovery for those people.
The Obama stream media will tout the 7.8% number, but this is a mixed jobs report at best. If it was a Republican in office we know how they would be covering it.
By cooking the books, some unemployment extensions will end siince they are based on the unemployment rates in each state.
Romney needs to increase focus immediately on Latino and Hispanic unemployment, which did not budge from 10 percent.
Plus the U-3, U-6 etc
I am so +-#*@+ livid at the lies w this 7.8.
We had Obama politically dead with an honest report of 8 to 8.3 percent. Now the MSM will trumpet this 7.8 nonsense as full employment.
The ONLY upside is that the final unemployment report will come out on Nov 2, and experts are already convinced that the 7.8 could jump substantially HIGHER - 5 days b4 election day, which could be the final nail in the coffin.
We also have the Thursday first-time unemployment claims data, which are expected to spike every Thursday in October, because this economy is shedding jobs. We need a couple of honest numbers, with first time claims exceeding 400 K.
For that reason the only time Romney mentions the household survey it should be to highlight the unemployment rates for young adults, hispanics and african americans. Yeah, I know most hispanics and african americans won't vote for Romney, but it emphasizes the plight of minorities despite having a minority president.
The rest of the time he talks about jobs he needs to talk about how many new jobs you need a month in a healthy recovery and the decline in the percentage of Americans working. Those numbers will stick.
Didn't the regime re-define full time workers as those working at least 33 hours....
Rush mentioned it last week in relation to the thousands of pages of regulations relating to Obamacare...
Seem they required 25 pages to define a "full time worker"...and part of that was the 33 hour mandate.
In any case a lot of workers are forced to go as an "independent contractor" with a 1099 at the end of the year.
It means they are lying.