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Happy Days Are NOT Here Again. You don't need a conspiracy to know the job market is still lousy.
Wall Street Journal ^ | 10/06/2012 | The Editors

Posted on 10/06/2012 10:45:23 AM PDT by SeekAndFind

The jobless rate fell in September to 7.8% from 8.1%, though the economy created only 114,000 new jobs, and some of our conservative friends smell a bureaucratic rat so close to Election Day. We doubt the Labor gnomes are manipulating the numbers, and in any case chasing conspiracies detracts from the real news, which is that the job market still stinks.

Democrats are celebrating the decline in the jobless rate, which only shows how their standards have changed since President Obama entered the White House. In 2004, they were lambasting George W. Bush for a September jobless rate that was 5.4%. Only last month they were begging the Federal Reserve to print more money indefinitely because the job market was so weak. Now they say happy days are almost here again.

The reality is that more than three years into this weakest of economic recoveries, 12.1 million Americans are still out of work—nearly 23 million by the broader definition that includes those who have stopped looking or can't find full time work—and the labor participation rate is still down to 1981 levels at 63.6%. Hooray!

Of the 114,000 new jobs, 104,000 were in the private economy, and all of the 86,000 in upward revisions for July and August came in government jobs. Job growth for 2012 has averaged 146,000 a month, which is down from 153,000 in 2011.

Manufacturing employment fell again (down 38,000 in the last two months) further dampening one of the few bright spots in this recovery. A still abysmal 40.1% of the unemployed in America have been jobless for six months or more. Such a job market is anemic by any historic measure for this stage in an expansion and reflects continuing slow GDP growth in the 1%-2% range.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: jobnumbers; jobs; unemployment
The number that has our friends suspicious is the giant 873,000 leap in employment as measured by the "household survey." That's the biggest one-month increase in nearly 30 years, which certainly does deserve an explanation.

The household survey contacts about 60,000 individual households to find out how many Americans are working. It is different from the much larger "establishment survey," which measures about 141,000 businesses and government agencies to see how many jobs they created. The household survey determines the jobless rate, so the huge one-month leap accounts for the September decline to 7.8%.

1 posted on 10/06/2012 10:45:32 AM PDT by SeekAndFind
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To: SeekAndFind

Bush lowered the unemployment rate. They blame him for all the bad stuff, he might as well get credit for the good stuff.


2 posted on 10/06/2012 10:52:00 AM PDT by blueunicorn6 ("A crack shot and a good dancer")
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To: SeekAndFind

giant 873,000 leap in employment , just in time for election, predicted by Rush , lowers unemployment below 8% just what Obama needed at just the right time, done by his leftist appointee to the labor deparment ,etc.

Yeah and the liberal media calls us “crazy conspiracy theorists” for seeing the obvious fraud from Obama and his government agency called the dept of labor that he runs and his leftist minion runs.


3 posted on 10/06/2012 10:55:18 AM PDT by Democrat_media (China is destroying all our jobs and manufacturing ability. China makes everything.)
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To: SeekAndFind

Exactly. When more people go on disability than fall off unemployment rolls, you know the job market SUCKS.

http://confoundedinterest.wordpress.com/2012/10/05/vas-is-das-u3-unemployment-falls-to-7-8-but-u6-unemployment-remains-at-14-7/


4 posted on 10/06/2012 10:57:21 AM PDT by whitedog57
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To: SeekAndFind

giant 873,000 leap in employment , just in time for election, was TOTALLY done by Obama’s government. These numbers , every “phone call” they supposedly did , every manipulation of that data that they the government “collected” was solely done by Obama and it’s government agency and its leftist appointee. Who truts government anyway and especially at this time and with this pos communist dictator Obama running it?


5 posted on 10/06/2012 10:59:15 AM PDT by Democrat_media (China is destroying all our jobs and manufacturing ability. China makes everything.)
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To: SeekAndFind

giant 873,000 leap in employment , just in time for election, was TOTALLY done by Obama’s government. These numbers , every “phone call” they supposedly did , every manipulation of that data that they the government “collected” was solely done by Obama and it’s government agency and its leftist appointee. Who trusts government anyway and especially at this time and with this pos communist dictator Obama running it?


6 posted on 10/06/2012 10:59:45 AM PDT by Democrat_media (China is destroying all our jobs and manufacturing ability. China makes everything.)
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To: Democrat_media

Why the sudden jump?

Nobody can really explain it.

And if you look at the U6 unemployment rate, nothing has really changed at all. U6 is still at 14.7 percent just like it was last month.

But the media is not going to talk about the U6 rate. Instead, all of the headlines are going to be about “7.8 percent”.

According to the survey of employers, the U.S. economy added fewer jobs in September than it did in August, and it added fewer jobs in August than it did in July.

So according to the survey of employers, the employment situation in the United States is getting worse.

But according to the household survey, we just had the greatest month of job creation since the first term of Ronald Reagan.

Something does not add up.

the unemployment rate would actually be up around 11 percent instead of 7.8 percent if not for the millions of workers that the government claims “dropped out of the labor force” over the past few years because they became too discouraged to look for work.

So unemployment in America is still a massive crisis, but the media is boldly proclaiming that things are getting better and that we are on the road to recovery.

All that said, the economy has only added 1.3 million payroll jobs over the first nine months of the year. At this pace, the economy would only add around 1.8 million private sector jobs in 2012; less than the 2.1 million added in 2011.

There really is good reason to be very skeptical of this recent unemployment figure.


7 posted on 10/06/2012 11:10:07 AM PDT by SeekAndFind (bOTRT)
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To: SeekAndFind
Why the sudden jump? (gargantuan jump of new 877,000 jobs in one month never seen in 30 years)

Nobody can really explain it.

Because it's pure criminal fraud. And the media reports it as fact as if there is some neutral agency that figures out that unemployment is lower now and on the right track etc.Not it's actually Obama’s government agency and it's leftist appointee who generated these numbers and this “unemployment rate”. It's like having a foot ball game where the referee is the employee of the head coach, but worse because no one knows what these government bureaucrats did in “collecting” this “data”

Needs to investigated by Congress along with all the other crimes Obama has perpetrated like abuse of power by going around congress etc.

8 posted on 10/06/2012 11:20:22 AM PDT by Democrat_media (China is destroying all our jobs and manufacturing ability. China makes everything.)
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