John Nolte puts the report into perspective:
Adding to the mystery is the fact that the U-6, the longtime underemployment and unemployment number, remained fixed at a dismal 14.7%.
What this .03% drop means is that the number of unemployed people dropped by 456,000 when only 114k jobs were created–well below the monthly average, and below population growth. Where did 342k people go to lower the number so dramatically just 31 days before a presidential election? Did they retire, leave the planet, die of old age in the unemployment office?
Moreover, just 30 days before the election, 342K people dropped off the unemployment rolls and lowered the unemployment rate to below 8%–a benchmark number vitally important to President Obama who promised his stimulus would ensure we wouldn’t hit 8%.
Finally, this is the second hinky looking report/revision from the Bureau of Labor Statistics in as many months. Just days ago, 400,000 jobs were “ discovered“–almost the exact number Obama needed to have a record of creating more jobs on his watch than were lost.
Meanwhile, over at Zero Hedge, Tyler Durden just discovered an “Odd Arima-X-12 Statistical Aberration”:
- Household Survey people employed: +873,000 ( source)
- Part-time jobs for economic reasons: +582,000 ( source)
-> 582,000 divided by 873,000 = 0.666666666666*
Precisely 2/3 if you can believe that…. |
