Friday, October 5, 2012
7.8 Percent Unemployment Numbers a Joke
If I were Barack Obama, Joe Biden and the Democrats, I would keep my mouth shut concerning the alleged drop in the unemployment rate from 8.1 percent in August to 7.8 percent in September. Former General Electric (GE) CEO Jack Welch said on Twitter that the numbers appear to be manipulated. While that's definitely a possibility, the other part of the equation is the typical seasonal hiring in response to the busy holiday season. And the jobs created had nothing to do with anything positive, as the vast majority were part time jobs, which was a positive nod to American who were willing to take the jobs in order to get work; apparently hoping for full-time employment after the holidays by proving they are worth keeping to employers. It's almost certain, even with seasonal hiring, that we'll see adjustments to the numbers right before the presidential elections, which by that time the majority of people have already made up their minds on who they're going to vote for. So even though the Obama administration will boast about an improving labor market, that will likely backfire on them as the reality sets in that even if the numbers are accurate, it reflects nothing but part-time, seasonal hiring, and nothing to do with long-term, full-time, good-paying jobs. With that in mind, the best thing the Obama campaign could do is shut up so it doesn't boomerang back on them. The good news for Republicans is that is unlikely to happen, which should give them plenty of ammunition to shoot at Obama, as they hit hard on the fact he can only create low-paying, part-time jobs.