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|Subject: Jack Welch - That Strange Jobs Report||Date: 10/10/2012 1:21 PM|
|Author: telegraph||Number: 648096 of 722682|
Jack Welch: I Was Right About That Strange Jobs Report
Unfortunately for those who would like me to pipe down, the 7.8% unemployment figure released by the Bureau of Labor Statistics (BLS) last week is downright implausible.
In August, the labor-force participation rate in the U.S. dropped to 63.5%, the lowest since September 1981. By definition, fewer people in the workforce leads to better unemployment numbers. That's why the unemployment rate dropped to 8.1% in August from 8.3% in July.
Meanwhile, we're told in the BLS report that in the months of August and September, federal, state and local governments added 602,000 workers to their payrolls, the largest two-month increase in more than 20 years. And the BLS tells us that, overall, 873,000 workers were added in September, the largest one-month increase since 1983, during the booming Reagan recovery.
These three statistics—the labor-force participation rate, the growth in government workers, and overall job growth, all multidecade records achieved over the past two months—have to raise some eyebrows
I doubt many of us know any businessperson who believes the economy is growing at breakneck speed, as it would have to be for unemployment to drop to 7.8% from 8.3% over the course of two months.
The reality is the economy is experiencing a weak recovery.
Jack Welch (former CEO of GE) calls 'BS' on Obama and his administration.
Oh, and by the way, isn't he the head of the Obama JObs Council? Obama's NR 1 priority according to Joe Biden? That 3 letter word J-O-B-S?
And that Obama hasn't met with in six months? Too busy appearing on late night TV shows, day time TV shows, DJ radio shows.....playing golf.....vacationing. And 150 campaign appearances?
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