… BUT QUESTIONS ABOUND AS TO LATEST ROUND OF GOVERNMENT DATA
Fresh off of a disastrous performance in the first of three presidential debates, U.S. President Barack Obama got some good news – or at least the appearance of good news – when his Department of Labor (USDOL) announced updated employment data this week.
According to the agency’s Bureau of Labor Statistics (BLS), the U.S. unemployment rate fell from 8.1 percent in August to 7.8 percent in September – dropping below 8 percent for the first time in nearly four years. Of course the economy only created 114,000 jobs – or 16,000 fewer jobs than it needs to create in a given month just to keep up with the growth in America’s population.
In addition to these jobs, Obama’s BLS also “found” 86,000 additional jobs in July and August – upwardly revising those figures.
Still, the nation’s labor participation rate remained at a near 30-year low of only 63.6 percent – down from 65.7 percent when Obama took office in January 2009. Also the nation’s underemployment rate – a broader, more accurate measure of joblessness – remained stuck at 14.7 percent. The number of Americans who have been unemployed for more than 27 weeks also remained virtually unchanged at 4.8 million.
This month’s “upbeat” report is a marked contrast from the September report – which was used to justify yet another round of money printing by the Federal Reserve, a process known as “quantitative easing.”
“This finding contradicts virtually every other economic indicator including those used by the Federal Reserve to take the immediate and unprecedented step to embark on the Quantitative Easing 3, which entails pumping $40 billion of new dollars into the economy every month for the foreseeable future,” Americans for Limited Government spokesman Rick Manning noted.
Why the discrepancy?
“Given that these numbers conveniently meet Obama’s campaign promises one month before the election, the conclusions are obvious,” Manning said.
Indeed … one month before he faces voters Obama gets a jobs report like this?
We’re not buying it …
In South Carolina, the unemployment rate currently stands at 9.6 percent – although that figure does not include the thousands of workers who have given up their search for gainful employment. In fact South Carolina’s labor force shrank by 12,000 workers in August – reaching an all-time low of 58.4 percent.
What do you think of the latest unemployment data? Vote in our poll and post your thoughts in our comments section below!