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SUDDENLY, AFTER ALMOST FOUR YEARS, THE RATE DIPS BELOW 8%?
by Sharon Rondeau
(Oct. 5, 2012) — After initial media reports of the unemployment rate having dropped in September from 8.1 to 7.8% were released, only articles favorable to the Obama regime appear in the first page of a search on the subject.
To obtain the Fox News report which stated shortly after the announcement from the Labor Department of the decrease in unemployment that the numbers did not appear to square up with real statistics, one must specifically type in “Fox News.” Even then, Fox’s analysis of the numbers by business show host Stuart Varney does not appear, but rather, local Fox affiliate reports written by the AP entitled, “Jobs Report Gives Obama Much-Needed Boost.”
How does the AP know that the “jobs report” gave Obama a boost? Have they conducted a new poll? Is there something special about an 8% unemployment rate?
CNN described the decrease in unemployment figures as having “tumbled.”
Various news sources are speculating that the report “could help Obama,” citing the “four-year low” for unemployment just reported. However, The Wall Street Journal has reported that “just one president (George W. Bush) in recent decades has won re-election when his unemployment rate was unchanged or higher than when he took office. The unemployment rate was reported by the Bureau of Labor Statistics to be 7.6% in January 2009, but some reports say it was 78%.
The dip in the rate was described by Newsmax as “unexpected.” Reuters deemed it a “surprise” and reported that employers are “wary” of hiring full-time workers and will opt to hire temporary employees through the fourth quarter. The jobs report included 582,000 people who had been looking for full-time work but settled for part-time employment in its absence.
Mainstream media reports quickly acknowledged Varney’s analysis but dismissed it as “a conspiracy.” Jack Welch, former CEO of General Electrick expressed doubt about the accuracy of the jobs report and was promptly called a “jobs truther.” The Democratic Undergound compared Welch and Varney to those who believe that 9-11 was carried out by the U.S. government.
This writer heard Varney’s commentary this morning on Fox & Friends which questioned how, with only 114,000 new jobs added to the economy in September, the unemployment rate went down .3%. CNBC stated that it also was “confused” by the apparently conflicting number.
Varney has reported that unemployment among young people is almost 24%. Almost 25% of people between the ages of 18 and 30 are living with their parents because they cannot find work, many college-educated.
Last January, Bloomberg reported that more people working part-time had found full-time employment, showing “evidence” of “a strengthening labor market,” but the national unemployment rate rose throughout the year until September, if the Bureau of Labor Statistics is reporting correctly. The unemployment rate for 2012 hovered between 8.1% and 8.3% until September’s reported change. In October 2009, unemployment was reported at a high of 10.0% since the recession began in 2008 with the collapse of the housing market.
An analyst quoted Bloomberg as having reported today that part-time workers bolstered the decline in the unemployment rate, and the analyst predicts that the numbers are “subject to serious revision.” The Hamilton Project reports that 11,000,000 jobs are needed for the U.S. economy to “return to pre-recession employment rates.”
In its report, the BLS said:
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. (See table A-8.)
Another compiler of employment statistics reported:
The U-3 unemployment rate is the monthly headline number. The U-6 unemployment rate is the Bureau of Labor Statistics’ (BLS) broadest unemployment measure, including short-term discouraged and other marginally-attached workers as well as those forced to work part-time because they cannot find full-time employment.
As The Post & Email reported on October 4, defense industry contractors are poised to lay off an unknown number of employees because of an element in the 2011 Budget Control Act which required it if a formal budget could not be agreed upon. Since Congress could not reach an agreement, “sequestration” will begin on January 2, 2013, with budget cuts in many sectors taking effect. The Obama regime has told the defense contractors not to issue 60-day notices of impending layoffs to workers, as is required by the WARN Act of 1988.
Obama is a candidate for president despite a law enforcement investigation which declared his long-form birth certificate and Selective Service registration card “computer-generated forgeries.”
Of the new September statistics, Obama said, “The country has come too far to turn back now.” Obama has passed restrictive legislation on banks through the Dodd-Frank Act, taken over the health care industry through Obamacare, and bailed out banks and automobile manufacturers with taxpayer dollars against the wishes of the American people. Obama’s Secretary of Labor, Hilda Solis, is a socialist.
Obama has promised more taxpayer dollars to companies which agree to withhold layoff notifications because of sequestration to pay for litigation which might arise from violating the WARN Act. Some members of Congress have said that money will not be appropriated for that purpose.
Update, 4:05 p.m. EDT: Jack Welch is a guest on “Your World With Neil Cavuto” explaining why he does not believe the BLS report.