That unusual drop is the fastest in nearly three decades and was not expected even in the most optimistic circles.
‘The U.S. government reported that the world’s largest economy generated 114,000 jobs in September, roughly in line with markets’ subdued expectations. However, upward revisions to previous months’ figures and a fall in the unemployment rate — from to 7.8 percent from 8.1 percent — reassured investors, who marked stocks higher.”
“One reason for the rise was an upward revision of 86,000 to the July and August jobs numbers–all of which came from a 91,000 increase in the estimate of public sector jobs. Private sector job estimates were actually revised downward by 5,000.
In addition, the BLS reported a large rise in the number of part-time jobs, adding 600,000 jobs to the total–a dramatic increase of 7.5%, not explained by any other economic indicators–and raising questions about whether the government had changed the way it counted part-time workers.”
- This is nothing but fudging accounts.
- This is how Secretary of Labour Hilda Solis defended the figures in CNBC.
CNBC: We’re getting bombarded by people who do not believe the number. They believe this number was fixed and typed to coincide with Election Day. What do you say to them?…I’ll rephrase the question. A lot of people do not believe the 7.8 number. They believe that somehow BLS fixed this to coincide with the election cycle. What is labor’s response?
Solis: You know, I’m insulted when I hear that because we have a very professional, civil service organization where you have top, top economists that work at the BLS. They’ve been doing these calculations. These are — these are our best trained and best-skilled individuals working in the BLS, and it’s really ludicrous to hear that kind of statement, and I say that because just look at the – we have to look at what happens across the board, not just in one month, but look what happened in the last two months. We also saw revisions there upwards of 86,000 additional jobs added and this brings us now to 5.2 million private sector jobs across the board, we saw 104 private sector jobs created….
CNBC: Before I let you go, you say skepticism over the numbers are ludicrous. You say you’re insulted. Is there a danger, you believe, when large sections was country don’t believe the data. Not that it’s ever been considered gospel, but when you have disbelief how much danger is embedded in that?
Solis: I will tell you that we look at each report differently. We just saw revisions for the last two months and this happens. I mean, these are estimates that obviously, the BLS puts out. They do the best calculation, using the best measurements and tools and we’ve been using them for the past 70 years. We haven’t changed anything and the information that I received is given to me by our professional, civil service staff in the BLS.
Note that Solis describes the 86,000 upward revision as if it were an increase in private sector jobs, though in fact the increase came entirely from revisions to public sector payrolls by cash-strapped federal and state governments. Instead of shedding jobs, as previously claimed, governments have been adding jobs.”
All Governments chest in Figures at the approach of Elections.
To lie so blatantly and get caught!
May be these people should have followed Richard Nixon in the Art of Lying!