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http://finance.yahoo.com/news/us-jobless-rate-falls-7-123110...

WASHINGTON (AP) -- The U.S. unemployment rate fell to 7.8 percent last month, dropping below 8 percent for the first time in nearly four years. The rate fell because more people found work, a trend that could impact the presidential election.

The Labor Department says employers added 114,000 jobs in September. The economy also created 86,000 more jobs in July and August than first estimated. Wages rose in September and more people started looking for work.
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This improvement will have much more effect on the race than the debates.

It's the Economy, Stupid.

Peter
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The Labor Department says employers added 114,000 jobs in September. The economy also created 86,000 more jobs in July and August than first estimated. Wages rose in September and more people started looking for work.

The labor force rose by 418,000.

That's huge, from the standpoint of interpreting the new unemployment rate.
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Except we don't count people who aren't looking for jobs anymore
What is the real unemployment?

14%?
15%?
12%?
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Whats the unemployment for young 18-24 yr olds? 50%?
What about minorities? 35 to 50%?
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CNBC is now blathering about a Jack Welch tweet:


"Unbelievable jobs number . . .these Chicago guys will do anything . . .can't debate so change numbers."

http://thehill.com/blogs/on-the-money/economy/260453-jobless...
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SG Except we don't count people who aren't looking for jobs anymore

This has been true for decades and liberals have often complained about this.

Interesting how our stands change depending on which party is in the White House.

http://boards.fool.com/real-unemployment-rate-is-73-percent-...

Peter
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The U.S. unemployment rate fell to 7.8 percent...The Labor Department says employers added 114,000 jobs in September. The economy also created 86,000 more jobs in July and August than first estimated. Wages rose in September and more people started looking for work.

The economy is healed!

Thank you, Mr. Bernanke for the punchbowl of QE & ZIRP free money you've been providing. It has finally worked just as you promised.

Now that the economy has turned around, please don't take away the punchbowl.

;-)
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U-6 is at 14.7%. BLS is playing games with the numbers to make Obama look good. Notice how none of the lefties are asking why more people piled into the workforce, we only added 114k jobs and the number went *down*.
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It's no secret that unemployment and the CPI are both pretty much bogus measures. They are precise, but hardly accurate.

About the only things the two measures have in their favor is that they're taken using consistent methods.
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BLS is playing games with the numbers to make Obama look good.

Like pretty much everything else this will be unknown to you, but the BLS is staffed by career people who work for administrations of both parties.
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A big portion of the "new jobs" are seasonal part time help and Santa Claus Bell ringers

Bears
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Like pretty much everything else this will be unknown to you, but the BLS is staffed by career people who work for administrations of both parties.

Which means next to nothing in an argumentative sense, unless you can produce the employment records of everyone who works there. We both know you can't, so why don't you try again?

Anyways. Digging into the numbers BLS is piling in people who have found part time jobs. That's why analysts aren't saying much other than 'meh' this time:

http://www.aei-ideas.org/2012/10/the-sickly-stagnant-septemb...

6. The 114,000 jobs created would have been a good number … but for 1962, not 2012. The U.S. economy needs 2-3 times that number every month to close the jobs gap (which is the number of jobs that the U.S. economy needs to create in order to return to pre-recession employment levels while also absorbing the people who enter the labor force each month.) At 114,000 jobs a month, the jobs gap would not close until after 2025, according to the Hamilton Project.

7. We are still on pace to create fewer jobs this year than last year. In 2012, employment growth has averaged 146,000 per month, compared with an average monthly gain of 153,000 in 2011.

8. White House economist Alan Krueger says the jobs numbers are ”further evidence” the economy is healing. But he’s wrong.

The employment-population ratio, which merely shows how many folks have jobs as a share of the civilian population, was 58.7%. Now that’s up from last month. But it is still far below where it was in June 2009, 59.4%,when the recession officially ended. And it’s even further below the 63% level before the downturn.


Reality. It always sucks to be you.
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unless you can produce the employment records of everyone who works there.

You're the one who made the charge. I'll wait, and get beck to you.
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You're the one who made the charge. I'll wait, and get beck to you.
Fail. Arguing isn't your thing. You couldn't prove your countercharge. I, on the other hand, showed you the relatively flat U-6 number.
They revised upwards a lot of heads to get where they are.

In any case. The economy isn't in good shape. You can go argue amongst your equally educated friends that the US resembles the Roaring 20's or something but the average voter is going to call BS first time, every time.
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"You can go argue amongst your equally educated friends "

^ lol...
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U-6 is at 14.7%. BLS is playing games with the numbers to make Obama look good. Notice how none of the lefties are asking why more people piled into the workforce, we only added 114k jobs and the number went *down*.

Different surveys, genius. Household survey and establishment survey are two different items. Per the household survey, the total number employed went up 873K. Labor force increased 418K, total unemployed went down 456K.

This isn't the first time household and establishment surveys have diverged in any given month. Back during the Bush Jr. administration, people on the Right kept arguing that the household survey was better than the establishment survey because the household survey numbers were coming in better. (Remember Dick Cheney [IIRC] and "people working from home selling stuff on Ebay"?)

And I love your blanket assertion that BLS is playing with the numbers just to make Obama look good. I swear, you've become the mirror of everything you dislike about the partisans on the left. Congratulations.

-synchronicity
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bears says

A big portion of the "new jobs" are seasonal part time help and Santa Claus Bell ringers

Horsesh¡t. Try again.
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U-6 is at 14.7%. BLS is playing games with the numbers to make Obama look good. Notice how none of the lefties are asking why more people piled into the workforce, we only added 114k jobs and the number went *down*.

U-6 isn't a measure of unemployment.

You knew that right?
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A big portion of the "new jobs" are seasonal part time help and Santa Claus Bell ringers

The unemployment rate is seasonally adjusted to take that into account.

But you knew that, right?
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