Allen Owns Shouting CNBC
Anchor on Jobs Numbers
Published on Oct 5, 2012 by AllenWestForCongress
The media is falling all over itself to
claim the economy has recovered. Millions dropped off the rolls? No
problem. All part time jobs? No problem. The objective is to re-elect
liberals, not report facts. Stand with Allen: https://www.allenwestforcongress.com/contribute/
Fuzzy Math?: CNBC Describes New Unemployment Numbers as 'Contradictory'
As soon as ex-General Electric CEO Jack Welch fired off a tweet questioning today's just released "unbelievable jobs numbers," the media went into a frenzy talking about how "conservatives" were launching conspiracy theories. Well, that's handy for the media and the Obama campaign, but it's not just "conservatives" who are confused by a full 0.3% drop in unemployment when only 114k jobs were created.
CNBC is as confused as the rest of us:
Job growth remained tame in
September, with the economy creating just 114,000 net new positions
though the unemployment rate fell to 7.8 percent, the first time it has
been below 8 percent in 43 months.
The report presented a slew of contradictory data points, with the total employment level soaring despite the low net number.
The falling jobless rate had been
a function as much of the continued shrinking in the labor force as it
was an increase in new positions.
On the air, CNBC seemed equally perplexed by the biggest one-time drop in the unemployment rate in 29 years!
ABC News' Chris Cuomo is also skeptical of the numbers:
--
#unemployment is at 7.8% in September. Except it really wasn't. It is much higher, w/ underemplyd and those who stopped looking. #notfixed
That "not fixed" tag smells a little like sarcasm to me.
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 (per Ed Morrissey)
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.
The Obama-friendly media is rolling out
some very convenient talking points, with NPR crowing in its
half-hourly news bulletin: "The unemlpoyment rate is now back where it
was in when President Barack Obama took office in January 2009." Except
it isn't, exactly.
No one's crying "conspiracy" here, but
any journalist worth a damn always remains skeptical and looks to
connect the dots of counter-intuitive good news released just weeks away
from a major election.
ADDED: MSNBC's Joe Scarborough, no right-winger, is also questioning the jobs report.
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