I’m sorta kinda sorry, but hearing the fantastic new jobless rate number this morning suddenly brought that “Up in Smoke” pregnant sister’s urine swap scene to mind. And then the irony of up in smoke was even more interesting, considering that is exactly how the economic numbers are being presented (smoke and mirrors) where our economy is heading.
Oh, praise the faultless but always credited prophet Chicago Jesus! The unemployment numbers have miraculously dropped below 8% just a month before the election! Because, you know, no president has ever been re-elected with an unemployment rate at 8% or above. The book-cooking gods must be having mercy on Barry after his miserable multi-excuses-prone failure in the recent debate against that evil successful business guy Mitt Romney…
Only in an era of depressingly diminished expectations could the September jobs report be called a good one. It really isn’t. Not at all.
1. Yes, the U-3 unemployment rate fell to 7.8%, the first time it has been below 8% since January 2009. But that’s only due to a flood of 582,000 part-time jobs. As the Labor Department noted:
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. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.
2. And take-home pay? Over the past 12 months, average hourly earnings have risen by just 1.8 percent. When you take inflation into account, wages are flat to down.
3. The broader U-6 rate — which takes into account part-time workers who want full-time work and lots of discouraged workers who’ve given up looking — stayed unchanged at 14.7%. That’s a better gauge of the true unemployment rate and state of the American labor market.
Pethokoukis is hard at work digging deeper into this faux good news and more can be found at the links below (with more at the above link with more graphs):
Well now, THIS just might `splain that great false positive jobs report this morning…
MRC TV: “The panel on MSNBC’s Morning Joe was strongly skeptical of the latest unemployment numbers. As the group pointed out, the job growth wasn’t large enough to cause such a large drop in unemployment.” (video)
Okay … WHY the false positive?
Simply put, to taint the jury. It is to sway the ‘undecideds’ who will have ONLY heard this morning’s initial report of a fallen unemployment percentage … but will not hear the nuts and bolts behind it, and the logical doubts, as the day progressed. The judge can turn to the jury all he/she wants to tell them to disregard/forget what they first heard, but they simply cannot.
And things are about to get worse for everybody…
Just saw this comment on Facebook regarding the unemployment numbers:
“This might be true if the count as employed all the street protestors that Obama is paying to harrass Romney campaign rallies.”