Is this the Obama October Surprise?
Only in an era of depressingly diminished expectations could the September jobs report be called a good one. It really isn’t. Not at all.
1. Yes, the U-3 unemployment rate
fell to 7.8%, the first time it has been below 8% since January 2009. But that’s only due to a flood of 582,000 part-time jobs. As the Labor Department noted:
fell to 7.8%, the first time it has been below 8% since January 2009. But that’s only due to a flood of 582,000 part-time jobs. As the Labor Department noted:The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) rose from 8.0 million in August to 8.6 million in September. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.
2. And take-home pay? Over the past 12 months, average hourly earnings have risen by just 1.8 percent. When you take inflation into account, wages are flat to down.
, wages are flat to down.
3. The broader U-6 rate — which takes into account part-time workers who want full-time work and lots of discouraged workers who’ve given up looking — stayed unchanged at 14.7%. That’s a better gauge of the true unemployment rate and state of the American labor market.
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2 comments:
This is nothing new. Jobs #'s ALWAYS go up for holiday hiring and ALWAYS fall after the holidays.
Again, this has nothing to do with who's President.
11:50 This is what I heard~~~in Sept the unemployement rate always increases due to the seasonal jobs ending such as those amusement parks, resorts, farm help and the seasonal holiday help isn't hired until Nov 1. I believe this is why these numbers are suspect.
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