In a different era, the mainstream media might call this a McRecovery.
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 declined because more people found work, a trend that could have an impact on undecided voters in the final month before the presidential election.
The Labor Department said Friday that employers added 114,000 jobs in September. The economy also created 86,000 more jobs in July and August than first estimated. Wages rose in September and more people started looking for work.
But
Still, many of the jobs added last month were part time. The number of people with part-time jobs who wanted full-time work rose 7.5 percent to 8.6 million.
There is a contradiction within the numbers: Just 114,000 jobs were created, but more than 800,000 said that they found jobs.
Former GE CEO Jack Welch isn’t convinced that these new unemployment numbers are real. Reacting to the new figures, he tweeted:
Unbelievable jobs numbers…these Chicago guys will do anything…can’t debate so change numbers
Even supposing that the new jobless number is accurate, it still hides the number of those who dropped out of the labor market after failing to find a job. It’s also still more than half a point above the 7.2% rate above which no US president has been re-elected since FDR.
More: The U-6, or underemployment rate, held steady at 14.7%.
More: MSDNC’s Joe Scarborough — “These numbers don’t make any sense.”
Update 8:48 am central: Mitt Romney reacts to the new numbers:
“This is not what a real recovery looks like. We created fewer jobs in September than in August, and fewer jobs in August than in July, and we’ve lost over 600,000 manufacturing jobs since President Obama took office. If not for all the people who have simply dropped out of the labor force, the real unemployment rate would be closer to 11%. The results of President Obama’s failed policies are staggering – 23 million Americans struggling for work, nearly one in six living in poverty and 47 million people dependent on food stamps to feed themselves and their families. The choice in this election is clear. Under President Obama, we’ll get another four years like the last four years. If I’m elected, we will have a real recovery with pro-growth policies that will create 12 million new jobs and rising incomes for everyone.”
How deep does this government corruption run? It’s not just the elected that are crooked. The damn bean counters are even crooked. They’re not even trying to hide the lying now.
How many people fell out of the labor force this month? Half a million?
Seasonably adjusted – election season.
This is the last UE number to be released before election day. Look for a “revision” around November 7th.
Rush predicted that the unemployment number would magically drop below 8% some six months ago.
These people are so tranparently dishonest that even those of average intelligence can see right through this scam. The floor traders on Wall St. aren’t buying these bogus numbers as reported by Nicole Petallides on Fox Business just now.
Any improvement is welcomed, but those jobless numbers will be revised upwards next week. They’re always revised upwards the following week – after such news gets its required headline mileage.
This goes more to prove how difficult it is to kill this economy, and that Obama will have to try harder in order to finish it off.
Oh, Mitt has stepped in it now. What a gaffe. If only he hadn’t said anything, the MSM could have looked into whether or not these numbers are real. Now, sadly…
Yeah, right; the MSM (aka, Mushroom Media) will look into it just life they have these past thirty years.
Why not call it a “recoverup” rather than a “recovery?”
In 1984, while campaigning for Walter Mondale, Jimmuh Carter said the Reagan jobs boom was “Burger-flipper jobs”.
A bit of digging (a VERY LITTLE bit) found Reagan-era jobs were the onset of the Tech Boom whereas Jimmuh’s jobs were, well, burger-flippers.
There’s no cure for that kind of stupid, and now many of us older farts are having deja vu all over again.