Selene Posted October 6, 2012 Share Posted October 6, 2012 From Human Events - very solid article.Economy & Budget The ugly truth about that ‘great’ jobs reportLabor Rate participation (via Zerohedge)By: David Harsanyi 10/5/2012 10:04 AMAlso: Jack Welch says unemployment numbers are cooked!The Labor Department reported today that U.S. employers added 114,000 jobs in September. The unemployment rate fell to 7.8 percent – where it was when Barack Obama took office and not at the 5.8 his administration forecasted.No doubt, the top headline of a dropping unemployment rate is helpful for the president. Democrats are celebrating. While this is certainly better news than we’ve been getting – which tells us more the sad expectations we have in the Obama era – the new unemployment rate reflects deep economic stagnation and, maybe, a new normal.Let’s review:The 114,000 jobs created in September is below the average created this year, which was 146,000.The 114,000 jobs created in September is below the average created last year, which was 153,000.The U-6 unemployment number, which reflects the entire labor situation, was basically unchanged at 14.7 percent.If labor participation was where Obama had inherited it from George W. Bush, the unemployment rate would be closer to 11 percent.Part-time people employment jumped from 582,000 to 8,613,000, the most since October 2011, and the largest one month jump since February 2009. That means the quality of jobs people are finding is dropping.And a comparison: During the Ronald Reagan recovery the country average around 275,000 new jobs a month.Updated:A 7.8 percent today ties Bush’s worst unemployment month.Although previous job growth revised up by 126,000, job growth in private sector was revised down by 4,000.August 2010: 58.5 percent of working age Americans had jobs. August 2012: 58.3 percent of working age Americans had jobs.38,000 manufacturing jobs lost since AugustBlack unemployment January 2009: 12.6 percent … Sept 2012: 13.4 percent.If bringing the unemployment rate back to the 7.8 percent (with fewer people working at lousier jobs) is what a stimulus plan, three rounds of quantitative easing and endless spending gets us, this presidency can be safely categorized as one of the worst investments in history.http://www.humanevents.com/2012/10/05/the-truth-about-that-great-jobs-report/ Link to comment Share on other sites More sharing options...
Robert Campbell Posted October 6, 2012 Share Posted October 6, 2012 Adam,The latest employment statistics are so incoherent that they do look like the product incompetent data collection, if not of outright frying.Robert Campbell Link to comment Share on other sites More sharing options...
Selene Posted October 6, 2012 Author Share Posted October 6, 2012 What is U6 unemployment rate ? The U6 unemployment rate counts not only people without work seeking full-time employment (the more familiar U-3 rate), but also counts "marginally attached workers and those working part-time for economic reasons." Note that some of these part-time workers counted as employed by U-3 could be working as little as an hour a week. And the "marginally attached workers" include those who have gotten discouraged and stopped looking, but still want to work. The age considered for this calculation is 16 years and over. Check U-1, U-2, U-3 (official), U-4, U-5 and U-6 unemployment rates in US U-1 Unemployment Rate U-2 Unemployment Rate U-3 (Official)Unemployment Rate U-4 Unemployment Rate U-5 Unemployment Rate U-6 Unemployment Rate Unemployment Rate - U6 2000 - 2012 Chart is generated for a range of 22 year only http://www.portalseven.com/employment/unemployment_rate_u6.jsp Link to comment Share on other sites More sharing options...
Michael Stuart Kelly Posted October 6, 2012 Share Posted October 6, 2012 The household rate--to which the 7.8% refers--is done by cold-calling about 50,000 people and asking about their employment status.Seriously.So what could possibly go wrong? Michael Link to comment Share on other sites More sharing options...
Robert Campbell Posted October 6, 2012 Share Posted October 6, 2012 Michael,There's a wider problem. Any form of cold-calling is getting more difficult, and this is affecting political polls as well.It's against Federal law to use computerized random dialers to call cell phone numbers, even though more and more people rely on their cell phones.And willingness to participate when reached by pollsters is at an all-time low.Robert Campbell Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now