Unemployment Rate Miraculously Drops To 7.8%, 114K Jobs Added – Update: Real Unemployment Rate Unchanged At 14.7% – Update II: Jack Welch Says Numbers Cooked…
…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.”…
The complete article, with video, is at Weasel Zippers.
…The household survey showed an 873,000 increase in employment, the biggest since June 1983, excluding the annual Census population adjustments. Some 582,000 Americans took part- time positions because of slack business conditions or those jobs were the only work they could find…
So we have people being forced back into the workforce to take part-time jobs, but not good enough jobs to count towards the non-farm payroll growth? The numbers still don’t quite add up to me, but that household data isn’t nearly as good as it looks….
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