Friday, October 5, 2012

Unemployment Mysteriously Falls to 7.8% - Economy Creates 114,000 Jobs

NBC News -- The nation’s unemployment rate dropped to the lowest it has been in almost four years in September, giving President Barack Obama a potential upbeat talking point as the presidential race heads into the final innings.

The Labor Department reported Friday that the unemployment rate fell to 7.8 percent in September, a decline of 0.3 percentage point and the lowest since January 2009. It was the first time the jobless rate has fallen below 8 percent in almost four years.

The government said the economy created 114,000 jobs, about as expected, and generated 86,000 more jobs in July and August than first estimated.

A survey of households from which the jobless rate is derived showed 873,000 job gains last month, the most since June 1983. The drop in unemployment came even as Americans come back into the labor force to resume the hunt for work. The workforce had shrunk in the prior two months. The household survey is volatile, however.[...]

"It's a little confusing, to be honest with you. The number of jobs created wasn't that high but the unemployment rate came down and the participation rate went up a little bit, so it's confusing. All in all, it doesn't change the trajectory of what the jobs environment has been really for the last year," said Ron Florance, managing director for investment strategy for Wells Fargo Private Bank.

Entire column...

Blog author's comments - The unemployment rate has been over 8% for almost four years. In September the economy created just 114,000 jobs.

Doesn't it seem more than just a coincidence that a month before the presidential election and after an extremely weak performance by Obama in the first presidential debate against Mitt Romney, the unemployment rate dropped to 7.8%? I do believe the government has manipulated the numbers in an effort to keep Barack Obama in office.

Obama has shown to anyone who has cared to notice that he should have never been elected to the office of president. He is not qualified for the job. His win in 2008 has to be the biggest mistake the voters in this country have ever made. I do hope they do not make the same mistake in November.

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