Mitt Romney and Barack Obama
Economists are calling the numbers fake and implausible, as they do not add up or reconcile with historical patterns. A few months ago, the Obama Administration was condemned for purging 1.1 million Americans from the employment records, in another falsified attempt to artificially lower the unemployment rate during an election year. In short, the administration overdid it, as what they are claiming is the equivalent of the U.S. economy out of nowhere setting a 29-year record for hiring, in the space of 4 short weeks.
Economist: Unemployment drop ‘implausible … a statistical quirk’
Such a rapid decline in the unemployment rate would be consistent with 4%–5% real economic growth historically but much of the decline is accounted for by people dropping out of the labor force (over the last year the employment-population ratio has risen to only 58.7% from 58.4%). We believe part of the drop in the unemployment rate over the last two months is a statistical quirk (the household data show an increase in employment of 873,000 in September, which is completely implausible and likely a result of sampling volatility).
Moreover, declining labor force participation over the last year (resulting in 1.1 million people disappearing from the labor force) accounts for much of the rest of the decline. With this report, the ISMs, and vehicle sales, the September economy is off to a better-than-expected start but nowhere near as good as suggested by the decline in the unemployment rate.
JACK WELCH: Obama Is Manipulating The Jobs Numbers Because His Debate Performance Was Awful
The Department of Labor said that unemployment fell 0.3 percent because of a total employment gain of 873,000, the most since 1983. The number of unemployed, meanwhile, fell 456,000 in September.
Pollster States If The U.S. Economy Does Not Improve Barack Obama Will Lose The Election To Mitt Romney