Is it possible that something as good as the biggest drop in unemployment in nearly four years could actually be real? Apparently not, if President Barack Obama and the Democrats could benefit and the election is only 31 days away.
Former General Electric CEO Jack Welch stirred up a brouhaha with today's tweet: "Unbelievable jobs numbers...these Chicago guys will do anything...can't debate so change numbers," CNN reported.
The Bureau of Labor Statistics reported this morning that the unemployment rate fell to 7.8% in September, down from 8.1% a month earlier.
According to the new numbers, there were 873,000 more people added to the payrolls and 114,000 jobs created for the month, as well as an additional 600,000 part-time jobs. Adding to the dramatic results was the Bureau's upward revision of 86,000 jobs which it said it had underestimated for July and August by 86,000.
This brings the unemployment rate back to what it was when Obama took office.
Other disbelievers include Americans for Limited Government, which released a statement saying, "Either the Federal Reserve, which has its fingers on the pulse of every element of the economy, and the Bureau of Labor Statistics manufacturing survey report are grievously wrong or the number used to calculate the unemployment rate are wrong, or worse manipulated. Given that these numbers conveniently meet Obama's campaign promises one month before the election, the conclusions are obvious."
Labor Secretary Hilda Solis told CNBC this morning, "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."
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https://www.reuters.com/article/2012/10/05/us-usa-economy-jackwelch-idUSBRE8941CR20121005
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