BLS suddenly finds 873000 new jobs for last jobs report before the election
After a lackluster debate performance against Republican presidential nominee and former Massachusetts Gov. Mitt Romney October 3, Obama's campaign was bouyed by Friday's jobs numbers which showed a drop in the unemployment rate from 8.1 to 7.8 percent.
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The latest jobs report from the Bureau of Labor Statistics (BLS) was released today, the last one to be released before the November election, shows a sudden increase in employment by 873,000 jobs that decreasesunemployment to 7.8 percent. Of those 873,000 jobs that materialized this month,582,000 of them are part-time jobs. The astounding numbers were met with instant criticism from many quarters and many sides of the political debate. The same report says 114,000 jobs were added to the economy last month. Economists say the economy needs to create 150,000 jobs each month for the unemployment rate to remain constant.
"Sept. unemployment rate fell to 7.8 percent due to an extraordinary – but implausible – estimate of 873,000 #jobs in household survey,” Douglas Holtz-Eakin, a former economics adviser to John McCain posted on Twitter.
Jack Welch, the former CEO of General Electric, tweeted, "Unbelievable jobs numbers...these Chicago guys will do anything...can't debate so change numbers."
Americans for Limited Government issued a statement on the jobs report, stating, “To reach this threshold, the Labor Department’s Bureau of Labor Statistics found that an astounding 873,000 people found full-time jobs last month. This finding contradicts virtually every other economic indicator including those used by the Federal Reserve to take the immediate and unprecedented step to embark on the Quantitative Easing 3, which entails pumping $40 billion of new dollars into the economy every month for the foreseeable future.”
“It appears that Obama has hired infamous Iraqi Information Minister Baghdad Bob to calculate the unemployment rate. Anyone who takes this unemployment report serious is either naïve or a paid Obama campaign adviser,” says Americans for Limited Government Communications Director Rick Manning, also former Public Affairs Chief of Staff at the U.S. Department of Labor.
The BLS report shows 114,000 new jobs created in the last month, yet somehow, magically, 873,000 workers were suddenly employed this past month. One has to wonder where the remaining 759,000 jobs came from. The BLS report does not explain this sudden rise in employment or how this number is calculated.
President Obama promised if his $825 billion stimulus bill was passed, it would cause unemployment to fall below 8 percent. Critics find it quite ironic that the last jobs report released by the Bureau of Labor Statistics before the presidential election would magically show an unemployment rate below that key rate of 8 percent to meet that campaign promise from the president.
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