The unemployment rates plunged to 7.8 percent in September, its lowest level since Barack Obama took office in 2009. In addition, the Bureau of Labor Statistics made big revision to previous months, showing huge increases in the number of jobs being created. Total employment from the "household survey" showed an increase of 873,000 jobs last month, the biggest one-month jump since June of 1983. More to come....
Not only has the unemployment rate gone down, but the report also undercut one of the key criticisms of previous drops in the number—that it was because the "participation rate" went down. That rate has actually gone back up, which means unemployment is down because people are actually getting work, not because they've stopped looking. Public sector jobs also went up.
This report looks so good for President Obama, that conspiracy theorists are already alleging that the fix is in. And not just random anonymous cranks, but supposedly serious buisness people like former GE CEO Jack Welch.
Unbelievable jobs numbers..these Chicago guys will do anything..can't debate so change numbers
— Jack Welch (@jack_welch) October 5, 2012
He wasn't alone:
No, there's nothing at all curious about the last jobs report diving to 7.8% unemployment before the election.
— Keith Urbahn (@keithurbahn) October 5, 2012
Total data manipulation. Such a farce
— zerohedge (@zerohedge) October 5, 2012
Rick Santelli of CNBC, noting that the rate has dropped below the magical number of 8 percent said, "You can let America decide how they got there."
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