October 6, 2012
JEFF CARTER: Some Quick Thoughts on Unemployment. “No, I don’t think the number was manipulated. Was it correct? I doubt it. When are government statistics correct the first time they are released? Crop reports are never right, and private estimates of crop size are generally closer. . . . I always discount the headline number anyway. U-6 didn’t budge. The headline number probably can be explained by technicalities over counting part time workers. But what worries me is the macro situation we have. 114K of non-farm jobs is pitiful. America needs to create over 300k jobs per month to really dent our employment problems. Additionally, GDP is more pitiful than the employment statistics. America needs 3-3.5% growth to keep moving ahead, creating wealth and more importantly, being ahead of inflation. At lower than 2% growth we are gradually becoming a nation of paupers.”
They’ll turn us all into beggars ’cause they’re easier to please.