Jack Welch: Obama Cooking the Books on Jobs
Friday, 05 Oct 2012 09:17 AM
The U.S. economy added a net 114,000 jobs in September, while the unemployment rate fell to a surprisingly low 7.8 percent, a number former GE boss Jack Welch described as cooked up by the Obama administration.
The September jobs number brought the unemployment rate below 8 percent for the first time in about four years.
Total employment rose by 873,000 in September, following three months of little change, according to the Bureau of Labor Statistics.
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Other experts expressed similar surprise.
"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," said Ron Florance, managing director of investment strategy for Wells Fargo Private Bank in Scottsdale, Arizona, according to Reuters.
"All in all, it doesn't change the trajectory of what the jobs environment has been really for the last year. We continue to increase jobs but not at a rate that is fast enough to significantly change the unemployment picture for American workers."
Revisions to previous data showed hefty improvements as well.
August figures were revised up to 142,000 from 96,000, while July's figures were revised up to 181,000 jobs created from 141,000.
"The unemployment rate is lower than when Obama took office while Romney will likely say the pace is still lackluster. Conspiracy theorists will go wild on these numbers," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange, Reuters added.
"Overall, it is a decent report, but nothing to write home about. It does not shed much light on the real state of the economy."
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