man. righties are crazy. first it was the poll numbers were cooked and now the jobs number was cooked because it made obama look good. how stupid are you people? you know who you are. Conservatives Doubt Jobs Numbers Following Strong Report WASHINGTON -- Following an unexpectedly strong jobs report Friday showing unemployment falling to 7.8 percent and 114,000 new jobs added, conservative media figures and one prominent business leader quickly latched on to conspiracy theories about the veracity of the numbers. Call it jobs-numbers trutherism. And for the sake of historical record, its origin was a tweet from former General Electric CEO Jack Welch. "Unbelievable jobs numbers..these Chicago guys will do anything..can't debate so change numbers," tweeted Jack Welch, former CEO of General Electric. The right-leaning Americans for Limited Government released a statement saying, "Either the Federal Reserve, which has its fingers on the pulse of every element of the economy, and the Bureau of Labor Statistics manufacturing survey report are grievously wrong or the number used to calculate the unemployment rate are wrong, or worse manipulated. Given that these numbers conveniently meet Obama's campaign promises one month before the election, the conclusions are obvious." Economic journalist Stuart Varney said on Fox News, "There is widespread distrust of this report." The numbers released just after 8:30 a.m. Friday differed from numbers released for months which offered a predictable pattern: sub-par job growth, an unchanged unemployment rate hovering above 8 percent, and more people dropping out of the labor force. This report was different. There were upward revisions from July and August, more people started looking for work and the unemployment rate fell to a level matched by the period when President Barack Obama took office. http://www.huffingtonpost.com/2012/10/05/jobs-numbers-republicans_n_1942200.html
<img src='http://static1.businessinsider.com/image/506ed863eab8ea4a71000000-511-512/jack-welch-obama.png'>
So are you saying that 114K jobs is not sub par job growth? That number doesn't even keep up with population growth. Are you saying more people aren't dropping out of the labor force? There are multiple statistics which show that they are. And we all know the actual unemployment rate is near 15%. The undeniable fact is that we are in a continued environment of sub par job growth and people are giving up hope of ever finding a decent full time job. When part time jobs bagging burgers and selling shit on ebay are considered the new career opportunities...we're in deep doo-doo.
This is the situation being created by automation and offshoring. Now, we all want faster growth of employment, myself included, but I do have to admit that until we start spending money on education like the commies in Germany, northern Europe, South Korea, Japan, China, Taiwan, and increasingly India and S. America do, we're not going to be able to bring much value-adding work back to the US. If you look at education spending per GDP by country you'll note that we are a mediocre spender. Yet, we expect above average results, like those nations I mentioned. You get what you pay for. But, as we're a low tax nation (looking at effective taxation per GDP by country) you have little reason to wonder why we, not only for education spending, but all the necessities of a modern, advanced nation, like the infrastructure needed to support manufacturing and hubs, have ongoing budget deficits. Ending some of the warfare will help, yes, but is not going to solve the entire problem created by our "have our cake and eat it too" ideal.
There's nothing to read slower. This report DOES NOT reflect a changing trend. 114K is not trending up, it's trending down. Revision to prior months are still down from earlier in the year. Manufacturing is now losing jobs where it was adding them earlier in the year. The U-6 unemployment number, which accounts for the underemployed and those who have given up looking for jobs, held steady at 14.7 percent. The overall trend is clearly down.
Yes, the situation is the result of automation and offshoring. However, that cannot be fixed by education alone. At the end of the day labor cost is the driving factor and better educated people will want more money, not less. We need a whole new economy based on something that does not yet exist. The question is, can we survive until that brave new technology unveils itself?
man CaptainObvious. are we a little on the slow side today? if 114K is a crappy number why are righties accusing obama of cooking the books? i mean if you are going to cook the books why not cook them a little better.
Yes, they want higher wages, but so does the competition. Plus, higher value products have better margins.