Comment by Jim Campbell
When it was proclaimed today that the U.S. jobless rate fell to 7.8% the lowest since 2009 giving Obama a potential boost, one must look at how the number was derived.
One must consider how the numbers are calculated, the lower number was derived using the Bureau of Labor Statistics U-3 numbers rather than the more accurate U-6 numbers which gives a more accurate assessment.
This comes as no surprise as the U-3 numbers have been used all along.
Using U-6 numbers from the Bureau of Labor Statistics, following the recent release, 14.7 % of Americans still remain unemployed or under employed, the same as in August.
Consider: Nevada’s U-6 rate is 22.1 percent, up from just 7.6 percent in 2007. Economically troubled California has a 20.3 percent real rate, while Rhode Island is at 18.3 percent, more than double its 8.3 percent rate in 2007.
Those numbers compare especially unfavorably to the national rate, high in itself at 14.9 percent though off its record peak of 17.2 percent in October 2009.
Labor Secretary Hilda Solis was asked on CNBC about suspicions that the Obama administration might have skewed the jobs numbers to aid Obama’s re-election prospects.
“I’m insulted when I hear that because we have a very professional civil service,” Solis said. “I have the highest regard for our professionals that do the calculations at the (Bureau of Labor Statistics). They are trained economists.”
September Jobs Report
(ORANGE COUNTY, CA) – Elizabeth Emken, Republican challenger for U.S. Senate in California, today released the following statement regarding this morning’s employment report from the Bureau of Labor Statistics:
“The September report shows that the number of jobs created has fallen for the third straight month. This is yet another sign, along with the anemic GDP growth rate, that our economy is slowing down and that the policies enacted over the last six years by the Washington elite have failed. Unlike what follows most recessions, these policies are sending us toward another recession instead of the robust rebound that follows in a typical business cycle.
“The most troubling factor has yet to be felt, as our country is standing at the edge of a fiscal cliff and Democrats like Dianne Feinstein remain committed to raising taxes, increasing gas prices and damaging our national security. It’s simply unacceptable, no matter what the unemployment situation is.
“My plan is to work with House Republicans and move forward on the dozens of Senate bills that have been sitting in dry dock under the Democrats’ failed leadership and push for their approval so that we can bring stability back to America’s economy and bring confidence back to America’s families.”