Welch is right these unemployment numbers were ginned up to make Obama look good. There is no way with the anemic GDP growth we have been experiencing this drop could be real. The last time we saw such a sudden drop was in the 1980s when under Reagan we were seeing GDP growth of over 5% per quarter.
In this argument I don’t think I’s use the GDP numbers as that is backward looking number...the numbers which are pertainent in my view are the number actually working, the hours worked reports and the payroll dollar amounts. NONE OF THESE support any reduction in the unemployment rate, especially of that magnatude.
Unfortunately, it is what it is and this is the number the press will ballyhoo for the next 30 days.
There is the old joke about the CEO hiring a CFO. He had three candidates. He asked each the same question, how much is two plus two. The first said 4. CEO said get out. Asked the second and he said 22?. Get out. Asked the third and he said, well, what do you want the number to be. HIRED.