More fodder for lefty and righty to fight over

[hebner20]

Yahoo article last night before the numebrs werer announced.

http://news.yahoo.com/us-unemployment-r ... nance.html

The Yahoo article assumed a jump in the unemployemnt rate despite the expected increase in jobs. the expectation was very close to the actual number but instead of going up the rate went down .3% to 7.8%.

bureau of labor statistics website (they do the calulation).

http://data.bls.gov/timeseries/LNS14000000

Jack Welch and I are both skeptical. I don't want to believe the committee to re-elect the president would try and change the facts to serve their cause. Labor force participation rate even went up .1% which would make it even harder for the rate to go down with only 114k new jobs.

Unprecendented times we live in.

[Ziner]

I am also suspicious. The numbers don't make sense. The bottom line is that the unemployment rate is the most overrated number concerning the economy. Until we are creating +300K this economy is not back. 114K isn't even enough to absorb new workers/college graduates, let alone getting people who are un(under)employed.

http://finance.yahoo.com/news/us-jobles ... 10416.html

interesting last line.

Still, many of the jobs the economy added last month were part time. The number of people with part-time jobs who wanted full-time work rose 7.5 percent to 8.6 million.

[idoctribefan]

http://www.foxnews.com/politics/2012/10 ... september/

The Labor Department, based on a broad survey of employers, said 114,000 jobs were added in September.

But the unemployment rate itself is based on a separate "household survey," which showed a whopping 873,000 new jobs in September.

"This must be an anomaly," former Congressional Budget Office director Doug Holtz-Eakin said in a snap analysis of the numbers. "It is out of line with any of the other data.." Holtz-Eakin noted the household survey is smaller, suggesting it is not as reliable. He called estimate of 873,000 new jobs "implausible."

[GodHatesClevelandSport]

This sure has the loons out in force today.

[Commodore Perry]

Boy this is a tough one.

The BLS has a long history of being fiercely independent and employing some very good economists. Their stats are beyond reproach. If they were ever compromised by partisan politics, it would be a sign that you can literally trust nothing put out by any government organization. It would be very, very bad for the country.

But 873,000 new jobs last month? That's a once in a generation number, only found in the midst of a rapid, economic boom. More so, no other statistic is supporting that. Its coming from the household survey, in which people are called and asked if they are working. No other source of data is showing similar gains.

Its like checking the box score and seeing the Browns scored 38 points in the 2nd quarter, on 23 yards rushing and 76 yards passing. It just doesn't seem right at all.

So maybe something magical is happening with the U.S. economy. Maybe it was some statistical anomaly in the household survey that severely overstated job gains. Let's hope. Cause if those numbers can be manipulated, oh man are we in trouble as a country.

[FUDU]

In other news, guess who is putting out a movie about the killing of OBL, just days before the election.

A) A Romney campaign contributor
B) An Obama campaign contributor
C) Mel Gibson