Fuzzy Math?: CNBC Describes New Unemployment Numbers as 'Contradictory'
Adding to the mystery is the fact that the U-6, the longtime underemployment and unemployment number, remained fixed at a dismal 14.7%.ADDED: MSNBC's Joe Scarborough, no right-winger, is also questioning the jobs report.
What this .03% drop means (per Ed Morrissey) is that the number of unemployed people dropped by 456,000 when only 114k jobs were created--well below the monthly average, and below population growth. Where did 342k people go to lower the number so dramatically just 31 days before a presidential election? Did they retire, leave the planet, die of old age in the unemployment office?
Moreover, just 30 days before the election, 342K people dropped off the unemployment rolls and lowered the unemployment rate to below 8%--a benchmark number vitally important to President Obama who promised his stimulus would ensure we wouldn’t hit 8%.
Finally, this is the second hinky looking report/revision from the Bureau of Labor Statistics in as many months. Just days ago, 400,000 jobs were "discovered"--almost the exact number Obama needed to have a record of creating more jobs on his watch than were lostm
The Obama-friendly media is rolling out some very convenient talking points, with NPR crowing in its half-hourly news bulletin: "The unemlpoyment rate is now back where it was in when President Barack Obama took office in January 2009." Except it isn't, exactlym
No one's crying "conspiracy" here, but any journalist worth a damn always remains skeptical and looks to connect the dots of counter-intuitive good news released just weeks away from a major election.