The old rule that you need job growth of 150,000 to keep up with population growth and 250,000 jobs per month to lower the unemployment rate has been thrown out the window. The miraculous Obama Boom is rewriting the old rules applying to job growth. Only 114,000 jobs were created in the month of September, yet the unemployment rate fell to 7.8%. The drop in unemployment is due to the Household survey, which claims that there were 873,000 more Americans working in September.
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.
But the government said the total number of jobs employed surged by 873,000, the highest one-month jump in 29 years. The total of unemployed people tumbled by 456,000.
The labor force participation rate, which reflects those working as well as looking for work, edged higher to 63.6 percent but remained around 30-year lows. The total labor force grew by 418,000, possibly accounting for the relatively modest net level of job growth.
The level of part-time workers reported the largest jump for the month, gaining 582,000.
The U-6 unemployment number, which accounts for the underemployed and those who have given up looking for jobs, held steady at 14.7 percent.
The U6 number which shows the real unemployment rate at 14.7% is unchanged. The truth of these facts will not matter. All the Obama Regime will crow is the phony 7.8% number. After getting his clock cleaned Wednesday night, Obama needs help to imp[rove his image. Well the BLS and their fudged numbers have come to the god-king’s rescue. I hope Americans don’t fall for this crap.