8.6% unemployment? Baloney
dailymail ^ | 12/2/2011 | Don Surber
The federal government said employment increased by 120,000 in November (an increase of less than 1/1,000th) and the unemployment rate fell by 0.4%? Baloney. It is a statistical lie aimed at making it sound as if the economy is growing.
Indeed, Bloomberg reported that 315,000 people left the workforce — meaning the number of dropouts was nearly triple the net gain in jobs.
From Marketwatch: “WASHINGTON (MarketWatch) – The U.S. gained 120,000 jobs in November and the unemployment rate fell to 8.6% from 9.0%, the Labor Department said Friday. The government also revised jobs data for October and September to show that 72,000 additional jobs were created. Economists surveyed by MarketWatch had forecast a 125,000 increase in employment in November and no change in the jobless rate. About half of the drop in the unemployment rate stemmed from a decline in the number of workers in the labor force.”
I will say this, Gallup and others have polls that show a drop in the unemployment rate. But this figure from the Bureau of Labor Statistics is bogus.
Politically, this is of course a godsend for the president. This should send his approval rate past 50% again for the first time since May when he personally stalked, surprised and shot Osama bin Laden and then played a round of golf with his head. I do not buy that a president needs the unemployment rate to be below 7.2% to win re-election. Jerry Ford almost pulled it off despite 7.8% unemployment.
All a president need do is show progress on the economy, as President Reagan did in 1984.
This also boosts Mitt Romney’s chances. As Obama’s chances for re-election rise, the more moderate Republicans will become in selecting a nominee. It is atoss-up as to who is more moderate, Newt or Romney, but Romney is the safer choice. teh Mormon has the fewest wives.
I still stand by the Surber Rule: The economy will win the presidency for Republicans in 2012. Republicans should talk about nothing else, and should avoid troll questions by any reporter who tries to distract them.
Obama is too likable to the majority of Americans to be held accountable for his many, many blunders. Solyndra and Fast and Furious are not gaining traction. They likely will become an issue by next summer. But the Republican nominee can let the House handle those scandals. Focus on the economy. Americans are still pissed about it.
The Associated Press report:
WASHINGTON (AP) — The unemployment rate fell last month to its lowest level in more than two and a half years, as employers stepped up hiring in response to the slowly improving economy.
The Labor Department says the unemployment rate dropped sharply to 8.6 percent last month, down from 9 percent in October. The rate hasn’t been that low since March 2009, during the depths of the recession.
Employers added 120,000 jobs last month. And the previous two months were revised up to show that 72,000 more jobs added — the fourth straight month the government revised prior months higher.
Still, one reason the unemployment rate fell so much was because roughly 315,000 people gave up looking for work and were no longer counted as unemployed.
