Economy

Obama's labor secretary is offended at claims the unemployment number was manipulated to boost Obama's chance at reelection. Who cares if she's offended?

"The BLS reported that while only 114,000 jobs were created in September--which would have translated into a rise in unemployment from 8.1% to 8.2%--the unemployment rate fell dramatically to 7.8%. That unusual drop is the fastest in nearly three decades, and was unexpected even in the rosiest predictions."

I trust John Williams. The numbers are inconsistent.

"The contradiction which isn’t being explained is quite clear when it clearly reports that, on the one hand, 873,000 people found work and, on the other hand, only 114,000 new jobs were created."

That's a big problem. More info.

"The truth is that the 7.8% U-3 unemployment fell dramatically because of part-time hiring.  In September, 582,000 part-time jobs were filled.  That’s great for those people who are now earning a paycheck, but how many of those people were really looking for full-time work and are forced to settle for part-time instead?  But this amazing jump in part-time hires is what some believe is the cause for such an astounding Household Survey report, which "added" 873,000 jobs … the biggest one-month increase in nearly 30 years.  The last time a Household Survey showed a jump in the number of jobs like this, our economy was growing at a clip of 9.3%.  We are currently growing at a measly rate of about 1.5%.  Big difference.  Economists characterize this current figure as ‘implausible … a statistical quirk.’
Then there’s the issue of the labor force participation rate.  The good news is that it DID increase.  But with that being said, it is still well below where it was when Obama took office.  In fact, it is still down to 1981 levels!  But as James Pethokoukis points out, if the labor force participation rate was the same as when Obama took office, the unemployment rate would be 10.7%."

And Obama's one-time economic advisor said this,

"… the unemployment rate has been low only because government programs, especially Social Security disability, have effectively been buying people off the unemployment rolls and reclassifying them as ‘not in the labor force.’  In other words, the government has cooked the books."

Obama is a piece of work.