September Jobs Report Shows Unemployment Rate Drops to 7.8%; Jack Welch Tweets, “These Chicago Guys will do Anything. . . Can’t Debate so Change Numbers” – 10/5/12
Unbelievable jobs numbers..these Chicago guys will do anything..can’t debate so change numbers— Jack Welch (@jack_welch) October 5, 2012
The September Jobs Report is out, and while non-farm payrolls only added 114,000 jobs, the unemployment rate has dropped from 8.1% to 7.8%. That’s on the heels of last month’s drop from 8.3% to 8.1% despite a weak jobs report. As you can see from the tweet sent out by former GE Chairman Jack Welch, he thinks the rate has gone down because of manipulation to help President Obama:
WALL STREET JOURNAL: The U.S. unemployment rate fell to its lowest level in more than 3½ years in September as the economy continued to add jobs, a potential boost for President Barack Obama’s campaign to win a second term.
The politically important unemployment rate fell to 7.8% last month from 8.1% in August. That was the lowest level since January 2009.
U.S. payrolls, obtained in a separate survey of employers, increased by a seasonally adjusted 114,000 jobs last month, the Labor Department said Friday.
Economists surveyed by Dow Jones Newswires expected a gain of 118,000 in payrolls and an 8.1% jobless rate. . . . Read More
If labor force participation had just stayed steady all year, jobless rate would 8.4% vs. 8.3% in January. Progress?— James Pethokoukis (@JimPethokoukis) October 5, 2012
the 114,000 ? It isn’t bad, it isnt that good–which is good for stocks…— Jim Cramer (@jimcramer) October 5, 2012
Bloomberg explains most of the confusion hotair.com/archives/2012/… [update] Part-time jobs found by people moving back into workforce?— EdMorrissey (@EdMorrissey) October 5, 2012
Does Obama trumpet unemployment drop—obvious initial impulse— or does he welcome it more modestly for fear he will look out of touch?— John Podhoretz (@jpodhoretz) October 5, 2012