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..’
Holtz-Eakin noted the household survey is smaller, suggesting it is not as reliable. He called estimate of 873,000 new jobs ‘implausible.’
He said the report was otherwise ‘solid,’ but reflected ‘the economy is merely moving sideways….
Of course, there are those who would say to me, “what do you expect? You get your news from Fox.”
As reported by Hedgeye:
Today’s jobs numbers don’t add up when we take a closer look at what’s been going on during the last four years under the Obama administration. The headline today was that unemployment rate was 7.8%, a suspiciously low number that any American would second guess. Stripping away the government’s window dressing, we believe that the number is somewhere in the range of 10.8-11.1% depending on the methodology used.
We continue to think the headline US unemployment rate is being artificially deflated through generationally-low labor force participation rates. Hedgeye Senior Analyst Darius Dale explains why the numbers that came out today don’t display the true state of America’s jobs and employment landscape:
There you have it patriots, another concerted effort by Barack Obama to deceive Americans by feeding us lies that only an imbecile would believe.
There is no question that Obama getting re-elected takes precedence over truth, honesty, country, integrity and the suffering of the American people.
How freaking convenient.
Such manipulation is an insult to the intelligence of Americans.