Posted on 10/11/2012 9:26:49 AM PDT by markomalley
Earlier this morning, the Department of Labor reported that initial jobless claims plunged to 339K from 369K a week ago.
Economists were looking for a reading of 370k.
Immediately, Twitter exploded with tweets mocking Jack Welch, who claimed last week's jobs report was fixed to artificially drop the September unemployment rate to 7.8 percent from 8.1 percent in August.
Coincidentally, cryptic messages came through from Bloomberg and the WSJ that raised doubts about today's report. From Bloomberg:
(Excerpt) Read more at businessinsider.com ...
Is Jack Welch tweeting Today...maybe something like: “Waiting for the apologies you Jackashes?”
Sensible guess. Big enough to affect national statistics, in enough trouble long enough for enough long-term unemployed to fall off the rolls entirely, or enough have become unemployed that they’re just running out of people to lose jobs. Depending on how you squint at the numbers, the reduction in the newly-jobless rate could be a very bad omen.
Something to keep in mind from Jim Pethokoukis: the unemployment rate would be over 10% is the labor force participation rate is now what it was when Obama took office.
Tweet: 10.7%: Unemployment rate if labor force participation rate was the same as when Obama took office
how many electoral votes does CA have?
The only thing government does right is war, and sometimes they fail at that.
> If companies can get in trouble for faking their books, why can’t the government?
Because the corrupt democrat government owns us and the laws they won’t enforce.
Our worthless Republican majority in the house is AWOL as usual. The game is rigged against us.
They come across as either imcompetent and or dishonest no matter.
Wait...
It is the State of Confusion.
Located in Washington, DC, 1600 Pennsylvania Ave.
Making it State number 58!
Just imagine it’s your least favorite state, that’s what I did. Darn you Connecticut! And the silent “c” you rode in on!
Quite simple...why do We the People need to pay our Federal buerocrat employees to fraudulently accumulate and disseminate corrupted data...?
Why doesn’t Boehner yank their funding until the agency functions normally? Or just shutter it completely?!!
what the heck..if it can’t generate data useful to anybody but the WhiteHouse and the executive office...We the People certainly don’t need it.!!
Wait ... what? Connecticut has a silent "c"? I've been pronouncing it wrong all of these years? It should be pronounced ..
KONECTI-UT?
Ryan is a numbers wonk, he needs to hammer hammer hammer the bogus UE and jobs reports. This type of outright manipulation of numbers drives me to brink of madness.
Unfortunately, the sheople just heard 7.8% UE and now hear ‘largest drop in claims in 4 years’ and assume that the puppet Obama is kicking ass in terms of ‘economy repair’. GRRRRR
“False, but accurate”!!
” FOX News just said it was California.”
What a surprise this is......
Corruption.
Not only did the number NOT reflect California’s stats but the seasonal adjustment moved the number by roughly 56,000 jobs. Yeah, they use the same formula but what good is that if the formula is flawed? I’d love to hear an explanation of why such an adjustment is necessary and what it means for this particular season.
Note too that next week’s reporting on this week’s numbers will involve the Columbus Day holiday. That will soften the impact of the add-back of California’s data since holiday weeks typically underreport (one less day to make and one less day to process claims).
The more realistic number is the U6 number, which includes discouraged workers, and those working part-time who want full time work.
Pubbies should re-frame this issue by first pointing out that:
1. “real” unemployment has not improved it remained flat are around 14%.
2. Less people are working today than when Obama took office.
3. The reported change was based on an increase in part time employment, which is not an acceptable substitute for full-time employment.
4. This number reported is misleading, since it doesn't include all the new unemployment claims due to a large “blue” state's failure to process all their claims.
5. The new jobs added, was less than the new unemployed, so the real picture was not positive for the economy or the workforce.
6. The unemployment % improves when people die(ie. quit the workforce), hardly a real indicator of whether the economy has improved.
After Obama took office, the economy got a lot worse, and the policies have been such a drag that after almost 4 years,Obama's economy hasn't even managed to get back to the starting point, let alone improving it.
This is an explanation that most Americans will understand immediately, even if they are totally clueless with respect to economic theory and statistics.
No more mystery. RUSH said on his show that the state was
CALIFORNIA
I was simply answering your question and, as it turns out, I would rather be speaking English right now than German or Japanese or Russian.
Other than that, no, government can't do much right.
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