Problems for Friday’s Jobs Report: Political and Meteorological

By:  Bob Adelmann
10/30/2012
       
Problems for Friday’s Jobs Report: Political and Meteorological

On Monday the Bureau of Labor Statistics (BLS) said it was doing everything it could to make sure that Friday’s jobs report — the last one before the election — would come out on time, despite Hurricane Sandy.

On Monday the Bureau of Labor Statistics (BLS) said it was doing everything it could to make sure that Friday’s jobs report – the last one before the election – would come out on time, despite Hurricane Sandy.

The BLS is still smarting from attacks over its last report, which showed an increase of 114,000 jobs in August, and a consequent drop in the unemployment rate from 8.1% to 7.8%. This was just too convenient to many observers. Jack Welch, former CEO of General Electric, tweeted: “Unbelievable jobs numbers … these Chicago guys will do anything … can’t debate so change numbers.” Welch was referring to the volatility of the month-to-month reports from the BLS and the clear suspicion that, under the influence of his Chicago network (see Trevor Loudon’s Barack Obama and the Enemies Within), Obama was manipulating the numbers to offset his stunning collapse in his first presidential debate.

Even Jilian Fama, writing for ABC News, said:

The drop in the unemployment rate came just in time for President Obama as he and GOP rival Mitt Romney are in the midst of a series of three presidential debates which heavily focus on job creation and the economy.

Congressman Allen West (R-Fla.) was more blunt:

Today's jobs report is confusing to say the least. Previous months’ numbers have been revised and yet the workforce participation rate remains at a 30 year low. The unemployment rate drops to 7.8 percent; that is where it was in January 2009 when the President took office.

But the U6 computation of unemployed, underemployed, and discouraged Americans remains the same at 14.7 percent. I agree with former GE CEO Jack Welch: Chicago style politics is at work here.

Somehow by manipulation of data we are all of a sudden below 8 percent unemployment, a month from the Presidential election.

President Obama’s head of his Council of Economic Advisors, Alan Krueger, acknowledged that the BLS report is volatile and can’t be relied upon:

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Photo: Text saying unemployed on yellow and white background via Shutterstock

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