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This is It: Here’s the Final Jobs Report Before the Election
TheBlaze’s Billy Hallowell contributed to this report:
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The Labor Department announced Friday the economy added only 171,000 jobs last month, pushing the unemployment rate to 7.9 percent, up from 7.8 percent in September.
This is the final jobs report before the country decides whether it wants to re-elect President Barack Obama or give Republican presidential candidate Mitt Romney a shot at the White House.
Seeing as how his opponent has based his entire campaign on economic issues (as opposed to, say, protecting birth control from non-existent confiscatory policies), an uptick in unemployment and a sparse 171K jobs won’t help the president’s re-election bid.
Prepare to see today’s numbers be both defended and attacked in media and political circles, alike.
For example, literally minutes after the release, the left-leaning POLITICO already had a headline pooh-poohing the report (“Little political ammunition in data from October jobs numbers”). However, considering what the report actually means, that job growth is just above stagnation, that incomes continue to decline, that the unemployment rate is dropping only for government workers, that’s there’s chronic unemployment, and, oh yeah, that we’re nowhere near that 5.2 percent unemployment rate the White House said we’d have by now, we’d say there’s at least a little political ammo to be found.
Too bad for the president there wasn’t a repeat of the September jobs report.
The U.S. economy in September added 114,000 new jobs and saw the unemployment rate fall to 7.8 percent from 8.1 percent. While many heralded the positive direction in which the economy may be moving, questions surrounded the numbers — and the upswing. With unemployment dropping to a 44-month low just before an election took form, critics became vocal.
Financial guru Jack Welch, among them, spoke out fervently against the government numbers. CNBC, too, noticed the following oddities:
The report presented a slew of contradictory data points, with the total employment level soaring despite the low net number.
The falling jobless rate had been a function as much of the continued shrinking in the labor force as it was an increase in new positions.
But the government said the total number of jobs employed surged by 873,000, the highest one-month jump in 29 years. The total of unemployed people tumbled by 456,000.
The labor force participation rate, which reflects those working as well as looking for work, edged higher to 63.6 percent but remained around 30-year lows. The total labor force grew by 418,000, possibly accounting for the relatively modest net level of job growth.
Economists were expecting 113,000 more jobs and the rate to rise to 8.2 percent. Last month saw 142,000 new jobs as the rate dropped from 8.3 percent in July.
Despite critique that raged throughout last month, today’s numbers provide new fodder and points of discussion.
Final Thought: Considering there’s a real possibility this will be President Obama’ final jobs report, today’s numbers mean he will leave office with a higher unemployment rate than when he was inaugurated (7.8 percent).
UPDATE — Following the release of the Labor Department report, Republican presidential candidate Mitt Romney issued the following statement:
Today’s increase in the unemployment rate is a sad reminder that the economy is at a virtual standstill. The jobless rate is higher than it was when President Obama took office, and there are still 23 million Americans struggling for work. On Tuesday, America will make a choice between stagnation and prosperity.
Meanwhile, according to one reporter, Labor Secretary Hilda Solis is absolutely thrilled with the new report:
US Labor Secretary just bounced into studio with a big smile.Handed out candy to reporters.Loves job numbers twitter.com/MacFarlaneNews…
— Scott MacFarlane (@MacFarlaneNews) November 2, 2012
(However, to be fair, we’re not absolutely certain that’s the reason Solis was handing out candy. Our best guess is that she had leftovers from Halloween and wanted to share.)
And Chairman of the Council of Economic Advisers Alan Krueger explains the unemployment rate increased up because because more people want to work:
The labor force rose by 578,000 people in October, and the labor force participation rate increased by 0.2 percentage point. The share of the population employed rose by 0.1 percentage point to 58.8 percent. Over the last 12 months, the unemployment rate has decreased by 1.0 percentage point, as a result of growing employment.
… to create more jobs in particularly hard-hit sectors, President Obama continues to urge Congress to pass elements of the American Jobs Act, including further investment in infrastructure to rebuild our Nation’s ports, roads and highways, and assistance to State and local governments to prevent layoffs and to enable them to rehire hundreds of thousands of teachers
Follow Becket Adams (@BecketAdams) on Twitter
Front page photo source courtesy the AP. This story has been updated.
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Comments (117)
Daddy Hawg
Posted on November 2, 2012 at 9:12am12/21/12 – this all a prelude to the end. Historical storms being followed by another major nor’easter, political unrest, economic decline, it’s all coming to a head. A self fulfilling prophecy possibly?
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Marine 1
Posted on November 2, 2012 at 10:26amThe photo of Obama tells it all.
“I’ve got the blacks and other minorities fooled so life is good.”
“I can’t wait to get out of this hole and back on AF1 where I can get a burger and a beer.”
“Flooding, what flooding?”
“I’m planning my next golf trip so go away and leave me alone.”
“Just think, I have all of these folks working their tails off to put me back in the WH for another four years. Bunch of suckers!”
“I’m on the phone with Bill Ayers and he’s giving me some pointers about the direction of the government and what changes need to be made.”
“Vallerie Jarrett is giving me my marching orders from the CFR so I’m a little busy right now.”
Obama sucks!
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Detroit paperboy
Posted on November 2, 2012 at 10:38amI don’t even feel like I live in America anymore…………….I’m tired of PAYING for lazy welfare parasites, and by the way….THEY ARE THE ONES NOT PAYING THEIR FAIR SHARE…….
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JRook
Posted on November 2, 2012 at 11:09amConsidering there’s a real possibility this will be President Obama’ final jobs report, today’s numbers mean he will leave office with a higher unemployment rate than when he was inaugurated …. what a totally asinine statement and assertion. even the absurdly biased beckett would admit, if he was truly an honest christian, that the 2009 unemployment flood was cause by Bush’s economic policies. key word being honest here.
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Daddy Hawg
Posted on November 2, 2012 at 11:32amJrook, please keep in mind that “the one” promised that if elected unemployment would be no higher than 5% at the end of his first term. If he gets re-elected, big if, is he going to blame himself for the high unemployment or is it still Bush’s fault. I am tired of hearing it blamed on Bush after 4 years with NO change.
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AvengerK
Posted on November 2, 2012 at 2:07pmBy all means JCROOK…tell me how Bush is to blame for the mortgage meltdown.
Was it because his administration tried in 2001 to bring Fannie’s practices under congressional scrutiny and was stonewalled by the democrats?
Was it because in 2005 the same measure was put to congress and Chris Dodd as committee head put the measure in limbo so that it couldn’t be voted on?
Was it Barney Frank protecting Fannie from congressional scrutiny?
Was it liberals lobbying for lower lending standards (including Obama in his case against Citibank in Chicago) which led to predatory lending?
You mewling cretin.
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Monolith
Posted on November 2, 2012 at 6:50pmNot this year.
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uptickusa
Posted on November 2, 2012 at 9:09amListen to the Messiah-Let them eat cake
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ReviveUSall
Posted on November 2, 2012 at 9:04amLast month we heard that the unemployment rate dropped. Then I heard that in my corner of our nation, that the unemployment administration had hired many new workers to handle the claims. Did the new unemployment office hires cause a decrease in the overall unemployment numbers. If unemployment goes down, shouldn’t there be fewer bureaucrats passing out unemployment checks?
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Sil in CNY
Posted on November 2, 2012 at 10:24amYes, the “drop” in unemployment numbers last month was directly related to the hiring of more public sector workers (oh, and the entire state of California NOT being counted). This means more taxes and more gov’t pensions to subsidize for we the little people. Everything about this administration is a farce….4 more days until we begin to Fundamentally Restore the United States of America!
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dublinthewagons
Posted on November 2, 2012 at 9:04amJust wait until the Feb. Jobs report comes out. The Obama administration and czars will be in the numbers. Until Jan. 20 this country will be trashed in the high speed lane by O.B.
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Hiswill
Posted on November 2, 2012 at 12:21pmThis is the month all temporary holiday jobs are filled. When February rolls around, the numbers are going to look really ugly after the layoffs start to happen.
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dlanod
Posted on November 2, 2012 at 2:41pmtheir a good chance we already are trashed. 16 trillion
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Proverbs17-12NLT
Posted on November 2, 2012 at 9:02amThe slowest most manipulated recovery in American history. How’s that 2009 summer of recovery workin out for ya?
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ziggyff
Posted on November 2, 2012 at 9:00amthe most important fact is the 50% improvement in the new jobs created…the .1% unemployment increase was to be expected with summer jobs ending …The Blaze can try to spin this one out by calling the 171k jobs modest but obviously the stock market did not think so since it went up 50 pts immediately with the news…
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aggiebrewer
Posted on November 2, 2012 at 9:07amYea Ziggy, the Blaze is spinning and you are not….whatever.
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lexington_green
Posted on November 2, 2012 at 9:11amoh yeah, holiday season temp positions, part time labor padding these already cooked numbers, dropping wages, black unemployment soaring from 13.4 to 14.3 percent. happy days. obama’s a genius.
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DADDYGETZ
Posted on November 2, 2012 at 9:30amUhh… hiring …. Christmas help … yeah … these jobs really count
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Zipit
Posted on November 2, 2012 at 9:41amStock up on some popcorn, sodas, and snacks there Ziggy! For if the MIC, (Muslim in Chief) does manage to get re elected, you can sit on your couch, enjoy your unemployment, and watch all of these numbers tank even further and faster than they did four years ago, when he was first elected!
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HKS
Posted on November 2, 2012 at 9:48amEven their best spin on the numbers couldn’t make it look better. It’s really 15 percent.
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woodyee
Posted on November 2, 2012 at 9:48am158,000 jobs created was reported on the Blaze yesterday – figures from ADP. 144,000 of them were for PART-TIME work and the remaining 14,000 were for jobs in production.
144,000 employed for Christmas help, and you’re in a euphoric state because the unemployment number is 1/10 of one percent under 8?!? Can you think past January 1?
Obammy is going for the “stupid vote” because most every one else can think, and he is, after all the Captain of the Ship of Fools, AND “HERO OF THE STUPID!” LOL!!!!
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Cavallo
Posted on November 2, 2012 at 11:18amThis does not take into account the thousands that will be laid off from Lockheed, and other defense contractors. They delayed their lay off announcements under the promise that the administration would waive any fines or penalties in violation of the law for delaying the notices. Around 8% unemployment has become the new normal.. for now.. So what is the Obamessiah and his Business Czars plan? Tax more businesses, to then increase the number of regulations and fees and fines and hoops they have to jump through, navigate around, and pay for? Then to launder that tax money back through a massive incompetent bureaucracy, and to give that money in block grants to connected businesses that then go bankrupt, or limp along bleeding cash from whatever financial arterial wound they had in the first place to need extra government help. They’ll also borrow massive amounts of money to make up for the shortfall as businesses go out of business and that tax revenue dries up.. which devalues the currency, placing more burdens on institutions and business as their investments and capital wither.. so.. wonderful.. Obama 2012.. because they really know how to run things… into the ground.
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DOra Glasberg
Posted on November 2, 2012 at 5:03pmYou folks really need to check out the electoral votes.
Mitt is behind 70 votes to Obama.
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Detroit paperboy
Posted on November 2, 2012 at 8:59amIt’s exactly how ENRON met their numbers quarter after quarter……………
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Cavallo
Posted on November 2, 2012 at 11:45amEnron made their numbers by shuffling debt and costs around using accounting tricks that were not only unethical, but also in violation of law. They had the same guys who did their auditing do their investments, creating a massive conflict of interest at AA. You can only hide that kind of thing for so long before it blows up in your face. In this case, they’re not really hiding the debt, but they are shuffling it and using other gimmicks to delay the hyper inflation and collapse of their scheme. Personally I think, and maybe Lay and Skilling thought the same way, that they could delay the collapse long enough that they could make their personal millions and then bail before the ship sinks. I wonder at times if that is what the pols and Federal Banking con artists think they can do before the ship sinks. Then with their own personal life boats of wealth they can skip out to anywhere.
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rabblechat
Posted on November 2, 2012 at 8:55amIf we are just going to make up numbers why not report full employment.
These numbers are worthless and mean nothing anymore.
Everyone knows that real unemployment is 10% or more, and under-employed probably accounts for 30-40% of the workforce.
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holy ghostbuster
Posted on November 2, 2012 at 8:54amWho said the unemployment rate would never rise above 8%… oh yea, it was Obama!
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holy ghostbuster
Posted on November 2, 2012 at 8:58amAnd we know it’s much higher due to those who have stopped looking for jobs.
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oneshiner
Posted on November 2, 2012 at 10:32pmIt was supposed to be down to 5.2 by this time………oops, it went back up to 7.9 %
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McNamara
Posted on November 2, 2012 at 8:52amThe U6 report is stuck at 14.7%. That is the real number. This other stuff is just fodder. People need good paying, full-time jobs with real benefits. Not Owebamacare..
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nilo
Posted on November 2, 2012 at 8:46amThe unemployment rate is a very important indicator of this President’s game plan. But also, we can’t overlook at all of the other unAmerican policies that have been forced on the nation. How could this be a close race for the Presidency? I can’t in my heart of hearts not believe that this administration’s actions are any other than planned to be that way. The evidence is abundantly clear that things can’t go so bad so fast unless it was purposefully intended to be so. This economic decline is not just happenchance. On the otherhand, America’s moral decline falls into the lap of every citizen who has forgotten God. That we all will have to answer to individually (2 Cor. 5:10).
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ExO
Posted on November 2, 2012 at 8:43amWho Needs a Job when you Have free cell phones and EBT Card’s….
Vote Romney/Ryan and help save this country.
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SCREW-WINDOWS
Posted on November 2, 2012 at 9:02amThose who are not comfortable with just getting by and would like to get a little ahead.
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chicago76
Posted on November 2, 2012 at 8:41amCan’t trust government reports now. To know what’s going on with jobs, look around you. Dow is laying off thousands. Companies all over are laying off and sales are down. I guess welfare can’t produce the jobs democrats thought it could.
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tifosa
Posted on November 2, 2012 at 8:41amAWESOME for Obama! 171,000 PRIVATE SECTOR jobs created last month, higher than estimates, and stocks futures RISING on the announcement! Have a college degree? Unemployment rate is 3.8% (explains the rightwing angst?)
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blanco5
Posted on November 2, 2012 at 8:48amHow does it feel to be a useful idiot?
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TheReasonableLib
Posted on November 2, 2012 at 8:52amExplains quite well actually. Not to mention the fact that gov’t lost jobs.
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tifosa
Posted on November 2, 2012 at 9:09amAdd your comments
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aggiebrewer
Posted on November 2, 2012 at 9:09amSo right wing people dont have college degrees? You are the embodiment of a useful idiot
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MSrain
Posted on November 2, 2012 at 9:13amHow is the unemployment rate going UP a good thing?
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tifosa
Posted on November 2, 2012 at 9:24am“Useful idiot.” Look in the mirror. Did you get your desired candidate?
That was a phrase likely created by Luntz and is a PERFECT description of teas who are used as voting tools (low tax rates for the wealthy have NEVER ‘created jobs.’) Most of the country won’t vote for this guy: http://www.youtube.com/watch?v=TxMD02zU9SE
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woodyee
Posted on November 2, 2012 at 9:27amOoooooo! And if we wait ANOTHER three years, maybe he can spend another $6trillion to keep the unemployment rate at current levels? You really buy that game?
Silly Leftist…tricks are for kids!
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22_year_old_conservative
Posted on November 2, 2012 at 10:11amMan tink it must be fun living in neverland! I don’t know where you get your made up facts from but could you please provide a link to your source. Unemployment for college age and recent graduates is 17.1 percent that is from the BLS (That’s the bureau do labor statistics). And for college grads about 50% are unemployed and underemployed. (you can google that one cause there are a large number of articles on that subject, just take your pick). you really should think about where you push your false narrative.
It is better to remain silent and be thought a fool than to open one’s mouth and remove all doubt.
Mark Twain
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biohazard23
Posted on November 2, 2012 at 10:30amOh goody, our resident Julia is back! Hi, Tif! How’s things in Neverland? You libs are so funny! At least you’re good for something, even if it just comic relief.
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tifosa
Posted on November 2, 2012 at 10:53am22y.o.CONserv: link: http://www.bls.gov/news.release/empsit.t04.htm
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22_year_old_conservative
Posted on November 2, 2012 at 12:00pmHere’s proof everyone, liberals will use real figures on occasion, but they will only cherry pick what is good and leave out the rest. I incur age all to follow tif’s link but ifyoudontfave the time ill sum it up for you all. The BLS chart that tink from neverland used does say 3.8% unemployment with degree holders. But that chart is of individuals 25 and up and does not include my age groups college grads which are having a hard time finding good jobs in our fields. Next It also shows the unemployment rate for some college, 6.9%, HS grad 8.4, and no HS diploma, 12.2. Put those together and you get 7.82% unemployment. Which is what the article is about. Again the report doesn’t mention anything about employment for recent college grads, which is very important because I hope to be graduating from college by the end of 2013.
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22_year_old_conservative
Posted on November 2, 2012 at 12:06pmOh and I forgot to mention. THE GOVERNMENT DOESN’T CREAT PRIVATE SECTOR JOBS THE PRIVATE SECTOR DOES THAT! (end rant)
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tifosa
Posted on November 2, 2012 at 12:28pmhahahaha! uh, yeh. You like the figures until you don’t like the figures, go figure. The government creates THE ENVIRONMENT for job creation, remember? (and read the comments, of course this is the president’s number ;) 32nd consecutive month of growth in the private sector…ahhh he wears it well.
But in the end, I bet we agree that you’re not employed because of you :)
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AvengerK
Posted on November 2, 2012 at 2:10pmAwesome TIFOSA? Are you insane? That number doesnt’ even keep up with new people seeking to enter the workforce. We need over 250K jobs a month to even start doing that. You imbecile.
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AvengerK
Posted on November 2, 2012 at 2:14pmTIFOSA…the economy has been bleeding manufacturing jobs for months. In the last jobs numbers most of them were part time and home jobs. These are people who’ve given up looking for full time work because hiring is so stubborn. Obama hasnt’ even made up the deficit of jobs lost from 2008/2009. Are you insane?
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tifosa
Posted on November 2, 2012 at 4:22pmawwwww, therethere Avenger, no need to go all Alinsky-namecalling. Must be tough having to prance in line in the water brigade behind the Mittster, consummate liar-flipflopper, most moderate of the crew. Seems all those strong conservative ideals are expendable in the end. No matter who gets elected, the big losers are conservative ideals and the Ryan budget, both of which have to be denied/hidden for Mitt to deceive his way into the WH. :)
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AvengerK
Posted on November 2, 2012 at 5:36pmSpeaking of dancing and prancing TIFOSA…you’re really putting on a show telling us all how “awesome” Barry’s doing with jobs.
Yeah…it’s so awesome that the hiring rate can’t even match the number of new people entering the workforce.
Yeah..it’s so awesome that most of the jobs in the jobs numbers are part time and home jobs because these people can’t find full-time work.
Yeah..it’s so awesome that Obama has the highest underemployment rate since WWII.
Yeah..it’s so awesome manufacturing jobs have been bleeding out since Obama took office.
You’re a really cheerleader for underachievment TIFOSA…pick up your pom poms gimme and “O”..gimme a “B”..ad nauseum…and what does it spell? “One term proposition”.
I know sweetheart…you’re in a panic because you can see the writing on the wall. Obama’s going to lose. He’s campaigning in states that he should have had locked down months ago. He can’t keep a lid on Benghazi..it’s all going horribly wrong isn’t it tulip?
And and just imagine if the senate goes GOP too? Oh the humanity…
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tifosa
Posted on November 2, 2012 at 7:15pmawww :)
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woodyee
Posted on November 2, 2012 at 8:41amIf the 7.8 figure was phoney to begin with, why relish the fact that it went up a tick, when in reality the unemployment figure is much higher?
On the other hand, one can say that the unemployment rate is soooo bad, the numbers are pushing THEMSELVES up!
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tifosa
Posted on November 2, 2012 at 9:33amActually, the jobs reports for Aug and Sept were UNDERestimated by 85,000.
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progressiveslayer
Posted on November 2, 2012 at 8:41amYes the magic number of 8% wasn’t achieved so this must mean Barry has done a wonderful job right?
The BLS works for the regime so the number will be what it has to be,last month they cooked the books for their leader so it’s no surprise that this month the number is just below 8%,weird how that happens huh?
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Cavallo
Posted on November 2, 2012 at 9:51amIt will be revised next week or the week after to show the real numbers.
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oldguy49
Posted on November 2, 2012 at 8:41amreally…………..i work at a seasonal job in florida and when we tried to apply for unemployment on october 22 we were told our first call in day was november 6………..not my first rodeo but this was a first
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starman70
Posted on November 2, 2012 at 9:04amMy grandson works for a popular retail home repair and provider of lumber and just about everything else you would need for home repairs. He WAS full time, 40 hours per week until the Obamacare mandate kicked in. Now he is only allowed 29 hours per week. The company HAD to do this because they couldn’t afford to pay into the Obamacare slush fund for hundreds upon hundreds of employees. He has a wife and 2 children to support.
The other thing Obama had hoped for is that others would be hired, part time, to fill in where those already employed were cut. That would have made the unemployment rolls go down. GUESS WHAT – - – that didn’t happen. Now thousands of full time employees, who have been shifted to part time, will vote for Romney because they realize that Obama is the cause of their forced cutbacks. Obamacare has forced this to take place in restaurants too. My niece worked at a very popular chain sitdown restaurant and was cut to 29 hours so they wouldn’t have to pay obamacare. She has 3 children to support. President Obama, aren’t you really proud of the MISERY you have caused? Aren’t you really proud of the loss of income you created with Obamacare? Do you really think you deserve re-election?
Americans had better WAKE UP, else wise we will all be working for peanuts while the Washington elitests live in the lap of luxury, JUST LIKE THE OLD USSR!
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tifosa
Posted on November 2, 2012 at 9:28amStarman, the ‘Obamacare mandate’ hasn’t “kicked in.” Look it up.
Sorry about your grandson, but if his employer cut his hours, THAT isn’t the reason.
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peteasdf
Posted on November 2, 2012 at 8:39amHurry, hurry, cast your votes early…before any of the gazillions of lies start falling apart. Obama needs a secretary of lies w/ an entire department of people to keep the stories better organized.
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Richio
Posted on November 2, 2012 at 8:48am“Secretary of Lies”
ROFL
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MontanaWarrior
Posted on November 2, 2012 at 9:21amI finally got to get a good laugh today..
“Secretary of Lies” I too am ROFLMAO!!!
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resme
Posted on November 2, 2012 at 8:39amTSA Headed to help sandy Victims, RUN PEOPLE RUN!
http://www.ksdk.com/news/local/story.aspx?storyid=345471
http://www.lewrockwell.com/blog/lewrw/archives/124822.html
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oxycontinxx
Posted on November 2, 2012 at 8:39ami was hoping the unemployment rate dropped to 5%.
why? PROOF POSITIVE what liars and manipulators obammy & company really are !!!
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Gonzo
Posted on November 2, 2012 at 8:39am..and that’s the lavishly sugar coated number. Look in the mirror Barry, you’re a complete failure.
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marvlus
Posted on November 2, 2012 at 8:39amNumbers are heading in the wrong direction for Obama.
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TheReasonableLib
Posted on November 2, 2012 at 8:37amTranslation: I PRAY these numbers won’t help the president. Too bad every credible source still has him winning. I can’t wait to see this place on Wednesday.
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progressiveslayer
Posted on November 2, 2012 at 9:54amIt will be a landslide victory for Romney and the Marxist mullato POS fraud bastard can go back to hell.
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tifosa
Posted on November 2, 2012 at 9:55amAgreed. Only in CONland could these numbers be interpreted as negative. The miniscule uptick in the unemployment rate to 7.9% reflects a return to the market because of increased confidence (remember when the decrease was attributed to people leaving the jobmarket?) 32nd consecutive month of PRIVATE SECTOR job GROWTH when Bush was LOSING 700,000 jobs/month when he left. WallStreet is thrilled with these numbers, it reflects a HEALING of the economy (as housing comes back, construction increases~as reflected in these numbers.)
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Gonzo
Posted on November 2, 2012 at 9:57amWe can’t wait to see you :-)
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Gary_K
Posted on November 2, 2012 at 8:37amI still do not believe the numbers….
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blanco5
Posted on November 2, 2012 at 8:37amI would like to know the REAL numbers which are probably more like 20% or more!
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progressiveslayer
Posted on November 2, 2012 at 9:46amThe real number is 20 25% just like our last depression but the brain dead ***** among
Us don’t see it so they’ll vote for the Marxist mullato.
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copatriots
Posted on November 2, 2012 at 10:47amExactly!
I agree with your guesstimate, SLAY, especially when you factor in the illegal workers who worked when times were good. The deadbeat ***** don’t care where the money for it comes from, they just want 0bama’s “staaash”.
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