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%.
http://www.businessinsider.com/jack-welch-obama-jobs-report-numbers-romney-2012-10 {Poasted via palm pilot}
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
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
This is a great companion theory to the one that posits that conservative CEOs are freezing hiring to make Obama look bad.
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.
No, that's a falsehood that's in your post. The actual facts are otherwise: The labor pool grew (very slightly) in Sept. 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
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
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
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
Explain the numbers to me. It's no conspiracy, other than almost 800k being dumped from the labor pool.
