Posted on 10/05/2012 5:44:02 AM PDT by Oldeconomybuyer
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. The rate fell because more people found work, a trend that could impact the presidential election.
(Excerpt) Read more at news.yahoo.com ...
Great, more people working means more taxes will be collected
Govt revenue will show more taxes collected, and less unemployment paid out right?
(crickets)
You know, I think they may have really gone too far this time.
People are already saying that this report has something wrong with it. We knew that. Very convenient for the doofus.
Wow! Those Halloween costumes must be selling like hotcakes!!!
Shovel ready jobs.
But it's not dirt they're shoveling.
REUTERS: “A survey of households from which the jobless rate is derived showed 873,000 job gains last month, the most since June 1983.”
If you had sold something on Ebay it is counted as a job.
Yeah, but I everybody knows at least a few people who are a)out of work, b) underemployed AND c) miserable in their current jobs but unable to get out. Off the top of my head I can think of a handful of people for each of those categories and that's without even trying. And I know some areas of the country have been hit much worse than the Northeastern part of the country. An unemployment rate in the sevens would be laughable if it didn't smack of Soviet style propaganda.
They ran out of unemployment benefits and dropped off the “unemployed” list.
According to The Big Zero, they are no longer unemployed and will no longer be counted as such.
The BLS receives their data from the states, plus there is a ‘secret sauce’ added to the mix. There is no exact science to this funny number.
And now you know the major story that the media will cover 24/7 until the next debate....
CNBC in full head scratching mode: Numbers appear “contradictory.”
I believe the real number is “zero unemployed”...come next election.
It is nutty out there. AP has a report from six hours ago saying the unemployment rate rose. Reuters has a report out about a half hour ago, the unemployment rate fell. Then there is this report of the rate falling. Somebody didn’t get the memo? So which report to believe. Will go with the majority of those reporting on the unemployment rate are lying. Seeing those here think the same way.
There are plenty of ways to massage the unemployment rate figure, but the above is not one of them.
It's a criminal operation in the WH.
Once again you cannot directly correlate the two. Tens of thousands of people are hired and fired every week. Those fired show up in the initial claims data. In fact the average Initial Claims number since 1967 is 363K. The key to the unemployment number is the Household Survey (not the +114K but the +873K) which is a net number (hirings - firings).
Actually, it is a method of not counting the unemployed.
It is an accounting trick, for sure, but one people no longer receive unemployment they are no longer carried on the rolls of the unemployed. . .therefore, they are no longer counted.
The job growth data is driven by the Household Survey which showed +873K jobs. The highest since 1983...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.