Surprise! Unemployment Drops to 7.8%

by Ryan on October 5, 2012

in Economy,Election 2012,Media,Media Bias,Politics,Stupid government

This morning the Bureau of Labor Statistics released their numbers showing a drop in the unemployment rate to 7.8% for the month of September.  The U6 figure, however stayed put at 14.7%.  Given the data that BLS released, many are shocked by the numbers.  Some say that they don’t make sense, while some go further implying that a kind of “Chicago” politics is at work here.

Why not!

Two days after receiving a royal ass-kicking in front of an estimated 67.2 million people, Obama gets an uncanny October surprise from BLS, which he subsequently ran with on the campaign trail.  Oh, and word also hit that two economists who helped gather this data at the BLS contributed to Obama’s campaign.

Nope.  Nothing to see here.

Here’s what I wrote last month about this potential development:

Not to be too cynical, but I have a feeling that the U3 rate might just dip below 8% in one of the next two months just to reach that psychological “7-point-something percent” threshold.  Why not?  The unemployment picture in August is as bad or worse as it was in July, but the government’s funny math gives the surface impression things have slightly improved.

Psychic?  No, I’m not Ms. Cleo — I’m only paying attention.  We haven’t seen 7.8% since January 2009, which is odd since just two weeks ago rumors of another recession rocked the Dow nearly 400 points following a second quarter GDP revision to a woeful 1.3%.  With all the murk of these latest numbers coming in the wake of a dismal performance by Obama on Wednesday, cynicism and disbelief are more than invited — they should be expected.

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