Credibility, Part IV, Unemployment Edition

Jack Welch openly questions the veracity of the Bureau of Labor Statistics reports from last week about September’s numbers which dropped the unemployment rate supposedly below 8%.

Seems this week’s jobless figure is so skewed even the federal government admits it.  Seems there was quite a number of uncounted.  But that doesn’t stop the highly objective and independent media from reporting “lowest since 2008!”.   Just at the time when, say, Obama’s campaign wants to promulgate the message of economic progress, real or imagined.  Tyler Durden at zerohedge fills us in on the rest.

I would like to have a number that divides the number of employment-eligible adults not working by the number of employment-eligible adults.   Just for kicks.

I am going to play a round of golf today.   I think I can break 80.  Using the modified BLS scoring system.   I won’t count the last few holes.

3 thoughts on “Credibility, Part IV, Unemployment Edition”

  1. You can actually use the BLS numbers to do that and be pretty close (it is a survey after all). Just take the unemployed number, add in the not employed but not looking, and divide the whole by the total labor pool. It works out to somewhere around 12.5%.

  2. I’ve gone and looked at the whole slew of BLS stats and you can find the participation numbers. The actual number employed seems most useful to me and that number had gone down two months in a row, until this report. They don’t show the breakdown by state, so I do wonder if the 800k job increase is due to California over-reporting for political reasons. I don’t know how they get the numbers, so don’t even know if that is possible.

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