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TheHiddenFlask 
Clemson Fan
The Welsh red light district
Member since Jul 2008
16420 posts
| Unemployment down to 7.8% (Posted on 10/5/12 at 7:33 am)
Very convenient for the president.
Especially when only 114k jobs were added. I might be buying into the BLS being rigged.
This makes unemployment .1% lower than when he took office.
ETA: U6 remained unchanged.
This post was edited on 10/5 at 7:34 am
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Fat Bastard 
New Orleans Saints Fan
Paradise
Member since Mar 2009
13627 posts
| re: Unemployment down to 7.8% (Posted on 10/5/12 at 7:50 am to TheHiddenFlask)
the unemployment rate is a complete joke and fabrication. I do not see how anyone can take that rate seriously.
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ZereauxSum 
LSU Fan
Atlanta, GA
Member since Nov 2008
5915 posts
| re: Unemployment down to 7.8% (Posted on 10/5/12 at 8:01 am to TheHiddenFlask)
quote:
Very convenient for the president.
Yup.
AP says that July and August were revised upwards, and also this:
quote:
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.
Somehow, I just don't feel like we are all better off.
AP Story
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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63835 posts
| re: Unemployment down to 7.8% (Posted on 10/5/12 at 8:10 am to TheHiddenFlask)
BLS = Soviet ministry spouting the regime's propaganda...
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Fat Bastard
New Orleans Saints Fan
Paradise
Member since Mar 2009
13627 posts
| re: Unemployment down to 7.8% (Posted on 10/5/12 at 8:24 am to LSURussian)
quote:
BLS = Soviet ministry spouting the regime's propaganda...
Joseph Goebbels would be proud also
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BennyAndTheInkJets 
Arkansas Fan
NYC
Member since Nov 2010
2882 posts
| re: Unemployment down to 7.8% (Posted on 10/5/12 at 8:30 am to TheHiddenFlask)
The two month revised figures are pretty good, but as was said I wouldn't put too much stock in NFP anymore. Post '08, the seasonal adjustments are very construed and the birth/death adjustment is beyond a joke. Also, as was said this was entirely part-time jobs.
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Interception
Providence Fan
Member since Nov 2008
9199 posts
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Hmm, part-time people employed for economic reasons soared by 582,000 to 8,613,000, the most since October 2011
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BennyAndTheInkJets
Arkansas Fan
NYC
Member since Nov 2010
2882 posts
| re: Unemployment down to 7.8% (Posted on 10/5/12 at 9:31 am to Interception)
Nice copy/paste from ZH. 
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Interception
Providence Fan
Member since Nov 2008
9199 posts
Online
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Unemployment rate is 10.7% based off labor force participation rate since Obama took office
ETA: It's close and I did read ZH
This post was edited on 10/5 at 9:49 am
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Meauxjeaux 
Memphis Fan
I have 91k posts with all my alters
Member since Jun 2005
13337 posts
| re: Unemployment down to 7.8% (Posted on 10/5/12 at 9:46 am to Interception)
Anyone think the part-time employed number is driven by parents that want to be able to have something under the tree for Christmas?
Just a hunch... people will get off the couch and find a way to make things work for stuff that is important to them...
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AUtigerNOLA 
Auburn Fan
New Orleans, LA
Member since Apr 2011
5289 posts
| re: Unemployment down to 7.8% (Posted on 10/5/12 at 11:22 am to Fat Bastard)
quote:
the unemployment rate is a complete joke and fabrication. I do not see how anyone can take that rate seriously.
Agreed. Also agree with flask that its convenient for the president though especially after the debate.
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GoCrazyAuburn
Auburn Fan
Member since Feb 2010
9234 posts
| re: Unemployment down to 7.8% (Posted on 10/5/12 at 1:51 pm to TheHiddenFlask)
I mean, how many months have they consistently revised the numbers upward? It will probably be around 8.2 once they do I suspect.
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BennyAndTheInkJets
Arkansas Fan
NYC
Member since Nov 2010
2882 posts
| re: Unemployment down to 7.8% (Posted on 10/5/12 at 3:38 pm to GoCrazyAuburn)
quote:
I mean, how many months have they consistently revised the numbers upward? It will probably be around 8.2 once they do I suspect.
Because of the way that the NFP numbers are calculated, you tend to see upward revisions in expansions and downward revisions in contractions. Hence they seem to come in line pretty well with the economy. I don't pay too much attention to the headline number, but pay attention to the direction and magnitude of revisions. Once we go from upward revisions to flat revisions, you know the expansion is either slowing down or the economy is contracting.
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blueridgeTiger
x
Member since Jun 2004
9013 posts
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quote:
The Labor Department, based on a broad survey of employers, said 114,000 jobs were added in September.
But the unemployment rate itself is based on a separate "household survey," which showed a whopping 873,000 new jobs in September.
"This must be an anomaly," former Congressional Budget Office director Doug Holtz-Eakin said in a snap analysis of the numbers. "It is out of line with any of the other data.."
Unemployment Report
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PG
LSU Fan
Mandeville
Member since Sep 2012
157 posts
| re: Unemployment down to 7.8% (Posted on 10/6/12 at 7:43 am to TheHiddenFlask)
nothing short of fabrication and election manipulation. All the jobs were public "servants" too - government which adds nothing back to the economy.
Real unemployment is closer to 20 -23%. Ask all the under 28 years olds with college degrees that cannot find a job - 55% are unemployed with huge student loan debts. Nothing short of moden day endured servants.
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rickgrimes
LSU Fan
Member since Jan 2011
2858 posts
| re: Unemployment down to 7.8% (Posted on 10/6/12 at 1:55 pm to Fat Bastard)
quote:
the unemployment rate is a complete joke and fabrication. I do not see how anyone can take that rate seriously.
Allow me to play a little devil's advocate here. I think it goes both ways. Republicans kept hammering Obama on the high unemployment rate and now that it is slightly in his favor, he is going to try to use it in his favor. After his debate performance he will latch on to anything that gives him even a slight advantage.
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BennyAndTheInkJets
Arkansas Fan
NYC
Member since Nov 2010
2882 posts
| re: Unemployment down to 7.8% (Posted on 10/6/12 at 4:29 pm to blueridgeTiger)
quote:
blueridgeTiger
Not a fabrication if you delve into it, many in these surveys are trying to get another part-time job for the holidays. Its in line with seasonal patterns but it was a big jump. Also that report is obviously so angled its ridiculous.
quote:
Republicans kept hammering Obama on the high unemployment rate and now that it is slightly in his favor, he is going to try to use it in his favor.
The unforunate irony is that politicians talk about it because the general public pays attention to it. It really wouldn't have mattered who the president was the past 4 years, I doubt the unemployment rate would have deviated +/- 0.5%. Its a long-term structural unemployment problem that politicans keep making short-term reactive fixes to in order to get re-elected by a short-term thinking, easily impressionable public. This goes for both parties.
This post was edited on 10/6 at 4:34 pm
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I Love Bama 
Alabama Fan
Alabama
Member since Nov 2007
27940 posts
| re: Unemployment down to 7.8% (Posted on 10/6/12 at 6:35 pm to TheHiddenFlask)
They manipulate the inflation numbers so why not.
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