Yeah, and don’t forget these numbers were set-up by the continuing contraction in the labor force...a slight uptick in jobs (among a much smaller workforce), voila, 7.8 percent unemployment
The shocking part is labor force participation WENT UP. Nobody understands these numbers. They are so far out of line with the last 4 years that they are ridiculous.
I’m still trying to digest this, but from what I just heard on CNBC the labor force participation rate did not go down.
If that is the case, what I think happened is the massive revisions they did for June, July and August (pushing those numbers up by 80,000 per month) is what maybe made the math work to push the unemployment rate down to 7.8%.