'President Obama's team touted the new Job numbers as a sign the economy is improving. Mitt Romney, along with several economists, expressed deep skepticism about the report.

Former General Electric CEO Jack Welch, tweeted: "Unbelievable jobs numbers..these Chicago guys will do anything..can't debate so change numbers."

The Labor Department reported that the rate dipped in September from 8.1 percent to 7.8 percent. How they came upon these numbers are being hotly contested. It was a however, glimmer of hope for Obama, who's trying to recover from a disappointing beating he took in the debate. His central faulty argument is that the economy is moving in the right direction.

'This morning, we found that the unemployment rate had actually fallen to its lowest level since I took office,' Obama implied at a Virginia rally Friday.

But skeptics pointed out that not only is 7.8 percent unemployment hardly a "real recovery," but the report reflected an uptick in part-time jobs and the number of self-employed people who're trying to do what the economy can't. Further, they stressed that there appeared to be a huge disconnect between the modest number of new jobs reported and the significant decrease in the unemployment rate.

The Labor Department, based on a broad survey of employers, said 114,000 jobs were added in September.

But the unemployment rate itself is based on a separate "household survey," which showed a whopping 873,000 new jobs in September according to the pollsters.

"This must be an anomaly," former Congressional Budget Office director Doug Holtz-Eakin said in a snap analysis of the numbers. Their numbers are "out of line with any of the other data." he said.

Holtz-Eakin noted the household survey is smaller, suggesting it is not as reliable. He also called the estimate of 873,000 new jobs "implausible."

He said the report was otherwise "solid," but reflected "the economy is merely moving sideways." Not forward or Up.

Liberal economist Dean Baker, with the Center for Economic and Policy Research, called the September rate drop "almost certainly a statistical fluke."

[Edited for length and content.]

...............

Jack Welch, the former chairman of General Electric Co, provoked cries of outrage in Washington on Friday when he suggested that the White House manipulated September job figures for political gains.

White House officials dismissed as "ludicrous" a tweet Welch sent to his more than 1.3 million followers that gave the impression President Barack Obama's administration may have rigged the data as a way of recovering from a poor showing at Wednesday night's debate with Mitt Romney, his Republican challenger for the White House.

"Unbelievable jobs numbers these Chicago guys will do anything! can't debate! so change numbers," Welch said in a posting on Twitter. Obama formerly served as a senator from Illinois.

The tweet was repeated more than 2,000 times, with many posts comparing Welch to New York real estate tycoon Donald Trump, who during his bid for the presidency loudly argued that Obama was not born in the United States, and Clint Eastwood, who gave a widely admired speech at the Republican National Convention in August.

Welch, who with his wife, Suzy Welch, writes a column for Reuters, said he is not "accusing anyone of anything." He stood by his tweet. 'Anyone' being the key word for the moment.

"These numbers just don't go with the economic activity." Welch said. "You draw your own conclusions."

Officials in Washington quickly dismissed the idea that the Labor Department report - which showed unemployment falling to a near four-year low of 7.8 percent - could be rigged. And why wouldn't they say that? They are in defense mode seeking to use this little bit of sunlight in their dark world after the debate.

In response to the Welch statement: Alan Krueger repsponded "That's a ludicrous comment. No serious person believes that the Bureau of Labor Statistics manipulates its statistics," said Krueger, chairman of the White House Council of Economic Advisers. "The jobs report and all of their other statistics are prepared by career employees. They use the same process every month. They use the same process for Republican and Democratic administrations." And this is where the back peddling will begin.

Later on MSBNC, Welch told host Chris Matthews: "You don't think it's coincidental that we've had the biggest job surge since 1983? These numbers defy logic." And that is a good point. And true as well. They do defy logic.

The tweet was by no means Welch's first criticism of Obama on his Twitter feed, where he has regularly spoken out in favor of Romney. During the presidential debate in Denver, Colorado, on Wednesday night, Welch tweeted: "HOW can anyone vote for Obama after this performance? he has demonstrated his incompetence."

Other tweets agreed with Welch's assertion.

"In regards to today's jobs report---I agree with former GE CEO Jack Welch, Chicago style politics is at work here," said Florida Representative Allen West, a Republican, on Twitter.

Officials with the Bureau of Labor Statistics defended their own methods and findings, noting they are compiled by career civil servants, not political appointees. BLS is, however, only one of two operations that together combine their accounted information and then release that data as noted by an NBC report.

As for Welch, 76, he says he went through reviews of more than a dozen companies in different industries this week and none were stronger in the third quarter than they were in the second.

"You can't just call me old and senile," he said. "Figures don't Lie. But liars figure they say."

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The uncontested absurdities of today are the accepted slogans of tomorrow.
Ayn Rand

So if Socialism is so great...why does it have to be mandated and forced on people?

Not even Government can create Jobs at this Rate!


Especially not Government

__________________
The uncontested absurdities of today are the accepted slogans of tomorrow.
Ayn Rand

So if Socialism is so great...why does it have to be mandated and forced on people?

Last year it went up 4/10 at once and 3/10 at once. Now it does it again and it's questionable? Nah. I see whining and rooting for failure from the right.

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Truth, Justice and the American way

Maybe not actual "Jobs", but when it comes to stats and data, as any Global Warming skeptic will tell you, it's a case "Yes they can".

Although speaking of jobs, apparently this amazing jump in jobs is not unprecedented. I read somewhere the last time we saw such a thing was by Reagan. Although, I think that time it was part of a trend, and not the month before the election

The problem is the other economic measurements didn't change to reflect this surge in employment. U6 didn't decrease. Job creation didn't show a jump. GDP growth didn't escalate. How is this possible if the unemployment number isn't cooked?

Also there is the amazing amount of jobs not reflected in the creation of new jobs stat. Something like over 400,000 jobs not seen in the new jobs created stat.

There was the remarkable discovery of previously unseen government jobs a few weeks ago, and one can postulate part-time jobs, but even so, if that is all it is, how does this new stat even say things are improving. Apparently if you deduct the tricky unseen, below the surface stats the unemployment rate actually rose.

I found the following report from Business Insider, well, interesting:

But that is just a snippet.

Here is the link to the entire article: What Happened With Jobless Claims - Business Insider

Keep hope alive. We can't have things getting better. It wouldn't be right.

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Truth, Justice and the American way

Better honest bad news than dishonest good news.

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Our nation has not always lived up to its ideals, yet those ideals have never ceased to guide us. They expose our flaws, and lead us to mend them. We are the beneficiaries of the work of the generations before us and it is each generation's responsibility to continue that work. - Laura Bush

Leftists and very small children don't seem to be able to understand that the Government isn't there to "fix" the economy, anymore than a tick is there to fix your dog.~Oftencold

Fact is and you can't deny that the economic trends are all on the upswing. You keep play conspiracy all ya want but it's getting pretty hard to deny.

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Truth, Justice and the American way