US jobless rate falls to 7.8 pct., 44-month low

Yahoo News ^ | October 5, 2012

[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.

[kabar]

Just 114,000 jobs is the real story. Figures lie and liars figure. 114,000 jobs a month are terrible.

[Hulka]

Post 115.

Facts are facts.

[Obadiah]

Now watch as the media explodes with enthusiasm, and promotes the new meme: Obama saved us and earned a second term.

Spot on.

[Oldeconomybuyer]

325K more workers for $1 trillion stimulus.

[a real Sheila]

I don’t recall a newsday with MORE BS than I’ve seen this morning. FIrst, the unemployment numbers and then I saw a Gallup poll saying Obama received a BUMP in approval rate after the debates! Are they effing kidding?

[no-to-illegals]

Okay. Hate to say it or type it ... Believe AP, the unemployment rate rose. So the memo went out late to AP. Got it.

[Wyatt's Torch]

From Zero Hedge:

Reason For Today's Unemployment Rate Plunge: Part-Time Jobs For Economic Reasons Surge Most Since QE1 Announcement

Submitted by Tyler Durden on 10/05/2012 09:17 -0400

We already noted the absolutely stunning surge in reported Household Survey jobs which "added" 873,000 jobs, or the most since 2003 and the second most in the past decade, which was just a little bit off the Household Survey used in the monthly NFP jobs changes, which came at 114,000, or about 8 times less. But what was the reason for this epic jump in Household survey jobs? Simple, and those who have read our series on America's transition to a part-time worker society know the answer. The reason is that the number of part-time people employed for economic reasons soared by 582,000 to 8,613,000, the most since October 2011, and the largest one month jump since February 2009, when "restoring" confidence in the economy was all the rage... and just before the Fed announced the full blown QE1 in March of 2009. Odd symmetry.

So putting it all together, what does this mean for the true state of the US economy? Recall back in September one of our Charts of the Day was the number of Unemployed and Underemployed for the month of August, which was 25.8 million. Readers may be surprised to learn that when putting it all together, in September this number increased to 26.2 million.

[UglyinLA]

Good catch.

July employed: 142,220,000
Aug employed: 142,101,000
Sept employed: 142,974,000

Thats 873,000 more employed?

Someone’s got some explaining to do. But the mainstream media and Barry’s has their headline and facts don’t matter. Perhaps Paul Ryan can as Uncle Joe where those 873,000 jobs were created during their debate next week.

[John 3_19-21]

I believe Romney’s shredding of the President Wednesday night has caused more than just a few blinded sheeple to question the valdity of any “news” that seems to say at this late date; “yes we can.”

[Tainan]

I look for the numbers to drop much lower in the coming days..../wise-ass.

[magellan]

"The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) rose from 8.0 million in August to 8.6 million in September ... "

"Half a million new temp jobs in a month?"

That would be 600,000, 20% higher than a half a million.

My guess is it is returning college students resuming part time jobs in their college towns and on their college campuses.

These job changes are not supposed to be included, because they are supposed to be taken into account by the seasonal adjustments.

[SueRae]

Rick Santelli said it would happen. Who here among us didn’t? Lies, damn lies and statistics. And they will print them anyway it takes as long as it makes 0bama look good.

I believe these numbers about as much as I do the polls.

Pravda in the USA.

[Fresh Wind]

Sehr gut.

[Wyatt's Torch]

They use two different sets of numbers to calculate the UE rate.

[Obadiah]

So now the media has their talking point and take the attention away from the debates.

The corrupt MSM will devote wall-to-wall coverage to this. How this will reenergize Obama after a poor debate. The corrupt MSM will be absolutely GLOWING in their relief and earnest reporting.

[manc]

oh trust me , I turned the channel for the first time to see CNN,. MSNBC and CNN was running with this as if this was all truth, but even MSNBC questioned this.

CNN, NO WONDER YOU HAVE LOST SO MANY VIEWERS WITH THAT KIND OF CRAP BIAS REPORTING

[palmer]

Plus a trillion or two more from the Fed to keep rates low.

[DAC21]

Good catch.

July employed: 142,220,000
Aug employed: 142,101,000
Sept employed: 142,974,000

That's 873,000 more employed?

Remember last week the Dept of Labor magically pulled 500k more jobs out of thin air, says they just missed them over the previous 12 months.

[manc]

the media have their talking points away form the debate and are not spewing these lies

[1rudeboy]

Facts are facts.

Just like context is context. Here are some facts. Read them, and please pay particular attention to the second paragraph:

The UI [Unemployment Insurance] figures are not produced by the Bureau of Labor Statistics. Statistics on insured unemployment in the United States are collected as a by-product of UI programs. Workers who lose their jobs and are covered by these programs typically file claims ("initial claims") that serve as notice that they are beginning a period of unemployment. Claimants who qualify for benefits are counted in the insured unemployment figures (as "continued claims"). Data on UI claims are maintained by the Employment and Training Administration, an agency of the U.S. Department of Labor, and are available on the Internet at: http://workforcesecurity.doleta.gov/unemploy/claims.asp.

These data are not used to measure total unemployment because they exclude several important groups. To begin with, not all workers are covered by UI programs. For example, self-employed workers, unpaid family workers, workers in certain not-for-profit organizations, and several other small (primarily seasonal) worker categories are not covered. In addition, the insured unemployed exclude the following:

• Unemployed workers who have exhausted their benefits
• Unemployed workers who have not yet earned benefit rights (such as new entrants or reentrants to the labor force)
• Disqualified workers whose unemployment is considered to have resulted from their own actions rather than from economic conditions; for example, a worker discharged for misconduct on the job
• Otherwise eligible unemployed persons who do not file for benefits

Source: Bureau of Labor Statistics