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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.http://online.wsj.com/article/SB1000087239639044489730457804...---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? t.
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