Unemployment Drops to 7.8%

[PapaG]

Of course, 700k more people dropped out of the labor force.

Once everyone runs out of UE insurance and a job, the UE rate will be 0%.

 

[EL PRESIDENTE]

http://www.businessinsider.com/jack-welch-obama-jobs-report-numbers-romney-2012-10



{Poasted via palm pilot}

 

[Denny Crane]

The power of incumbency at its finest.

 

[The_Lillard_King]

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 and giving President Barack Obama a potential boost with the election a month away.
The rate declined from 8.1 percent because the number of people who said they were employed soared by 873,000 — an encouraging sign for an economy that's been struggling to create enough jobs.
The number of unemployed Americans is now 12.1 million, the fewest since January 2009.
The Labor Department said employers added 114,000 jobs in September. It also said the economy created 86,000 more jobs in July and August than the department had initially estimated.
Wages rose in September. And more people started looking for work.
The revisions show employers added 146,000 jobs per month from July through September, up from 67,000 in the previous three months.


http://finance.yahoo.com/news/us-jobless-rate-falls-7-123110106.html

 

[Denny Crane]

There's a huge spread here, between 873,000 jobs supposedly added and the 114K jobs actually added.

 

[DaLincolnJones]

great news, just think how many more jobs and how much better the econemy will be after barry gets kis ass kicked in the next debate

 

[BlazerCaravan]

This is a great companion theory to the one that posits that conservative CEOs are freezing hiring to make Obama look bad.

 

[barfo]

This is a great companion theory to the one that posits that conservative CEOs are freezing hiring to make Obama look bad.

It illustrates Newton's third law of conspiracies.

barfo

 

[PapaG]

The fact is the labor pool was shrunk to arrive at that number. That's not a conspiracy, it's a fact that is in the BLS statistics. The UE rate fell because people were removed from the labor pool. That is how the 7.8 number is possible with a relatively small gain of actual jobs.

Only Obama would be trumpeting a "gain" of 114k jobs while the overall labor participation rate fell by 6x that amount. Then again, if I go my ass kicked in front of 70 million people the other night, I'd probably be lying by omission as well in order to not make myself look like an incompetent boob who stammers and stumbles when confronted with an actual leader.

 

[barfo]

The fact is the labor pool was shrunk to arrive at that number. That's not a conspiracy, it's a fact that is in the BLS statistics.

No, that's a falsehood that's in your post. The actual facts are otherwise: The labor pool grew (very slightly) in Sept.

The UE rate fell because people were removed from the labor pool. That is how the 7.8 number is possible with a relatively small gain of actual jobs.

Simply not true. I refer you to the actual data for verification.

Now, it should be said that this is just a poll, and as we all know, polls are greatly influenced by liberal conspiracies. Most likely people said they had jobs this month when they really didn't because they want Obama reelected.

barfo

 

[Ed O]

There's a huge spread here, between 873,000 jobs supposedly added and the 114K jobs actually added.

I don't understand how those numbers aren't directly contradictory. How are they reconciled?

Ed O.

 

[EL PRESIDENTE]

Attackwaaaaaatch

{Poasted via palm pilot}

 

[MickZagger]

Conspiracy, Conspiracy, Conspiracy.

Fuck etch-a-sketch, the Romney campaign is like a sit and spin.

 

[barfo]

Conspiracy, Conspiracy, Conspiracy.

Fuck etch-a-sketch, the Romney campaign is like a sit and spin.

Willfully abandoning situational awareness doesn't just make it hard for conservatives to see what the inflation rate is or what global temperatures are doing. It also makes it hard to figure out whether you are going to win or lose elections.

I hope that Obama’s win despite the middling economy will be a wake-up call for the right. But my guess is they will come up with yet another non-factual explanation of how the game was rigged against them.

linky

barfo

 

[Ed O]

I don't understand how those numbers aren't directly contradictory. How are they reconciled?

OK... I think I got it now. It's the difference between the number of jobs created as reported by employers and the number of people employed through self-reporting.

Is this right, guys?

Ed O.

 

[barfo]

OK... I think I got it now. It's the difference between the number of jobs created as reported by employers and the number of people employed through self-reporting.

Is this right, guys?

Ed O.

That is correct. One is a poll of employers, one is a poll of employees (or non-employees, as the case may be).

Maybe they correct for this, I don't know, but one thing that could be missing from the employer poll is, how do you account for new business startups during the month?

barfo

 

[PapaG]

According to the Bureau of Labor Statistics, only two times, since 1960, has the unemployment dropped by .5 percentage points in a two month span.

The first time this happened was in 1984 under President Ronald Reagan (April & May, 1984). The rate went from 7.7 to 7.2. The total jobs created during this 2 month span was 687k. The GDP for the most recent quarter was a whopping 8%.

The only other time (in over 50 years, again) is occurring right now under President Obama (Aug & Sep, 2012). The rate went from 8.3 to 7.8, with a two-month job total of only 256k (128k per month). The GDP for the most recent quarter is a recession-like 1.25.

Think about that again. In over 50 years, starting with President John F. Kennedy, only twice has the unemployment rate dropped by .5 percentage points within a 2-month span.

And we are to believe that one of those times is happening right now - under a president with the worst jobs record in history, one month before the most important election of our time – all with a backdrop of anemic GDP and job creation. Oh, and when Obama conveniently needed to get to 7.8% to "break even."

Source: http://data.bls.gov/pdq/SurveyOutputServlet

 

[RR7]

 

[barfo]

Think about that again. In over 50 years, starting with President John F. Kennedy, only twice has the unemployment rate dropped by .5 percentage points within a 2-month span.

Also, this is the first time ever that a Mormon has run against a black man for president. Think about that. If it hasn't happened in 200+ years, are we to believe that it could really be happening now? I think not!

barfo

 

[PapaG]

Explain the numbers to me. It's no conspiracy, other than almost 800k being dumped from the labor pool.

 

[PapaG]

Also, this is the first time ever that a Mormon has run against a black man for president. Think about that. If it hasn't happened in 200+ years, are we to believe that it could really be happening now? I think not!

barfo

Idiotic post, as usual.

 

[barfo]

Explain the numbers to me. It's no conspiracy, other than almost 800k being dumped from the labor pool.

As I already posted in this thread, the decline is not due to a decrease in the labor pool. The labor pool actually increased in September.

barfo

 

[Denny Crane]

99 weeks are up!

 

[Denny Crane]

Those pesky PBS reporters...

 

[bluefrog]

Those pesky PBS reporters...

Obvious lame-stream media spin. Cut federal funding to the liberal PBS!

 

[Denny Crane]

Yep, cut their funding.

 

[bluefrog]

Yep, cut their funding.

That's the GOP talking point, apparently.

 

[Denny Crane]

That's the GOP talking point, apparently.

Shouldn't govt. really only spend on things that the private sector can't?

This channel is one I watch maybe 2-3 hours a week.

https://www.freespeech.org/

It's entirely funded by contributions of viewers. So there clearly is no need for government to fund television.

Plus I think there's always going to be the question of bias and the threat of taking away its funding. It can't be independent or even really trustworthy.

 

[RR7]

Shouldn't govt. really only spend on things that the private sector can't?

What would that include?

 

[The_Lillard_King]

Any good news about the country is a conspiracy aganist Ronmey by the democrats.

Any bad news about the country is a direct indication of how bad Obama is as president.