Jobs Growth Rises 114,000 as Rate Slides to 7.8 Percent
Job growth remained tame in September, with the economy creating just 114,000 net new positions though the unemployment rate fell to 7.8 percent, the first time it has been below 8 percent in 43 months.
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.
However, those numbers were revised higher, with the Labor Department putting July's number at 181,000 from the previously reported 141,000 and August up from an originally reported 96,000.
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The level of part-time workers reported the largest jump for the month, gaining 582,000.
The U-6 unemployment number, which accounts for the underemployed and those who have given up looking for jobs, held steady at 14.7 percent.
"With a gain of 114,000 jobs in September and an upward revision for August, this economy remains on a slow but not slowing growth path," said Kathy Bostjancic, director of macroeconomic analysis at The Conference Board. "Right now, slow job and income growth is about all the economy is capable of generating as businesses remain focused on cutting costs."
With President Obama trying to stave off a challenge from Republican Mitt Romney, the state of the economy remains the critical point. Friday's report underscored how slowly the jobs market is recovering from the depths of the 2008 financial crisis and likely will stoke increased debate amid the halting gains the latest numbers indicate.
Jack Welch, the former CEO of General Electric [GE 22.95 (---) ], caused a stir after the numbers were released, tweeting "Unbelievable jobs numbers...these Chicago guys will do anything...can't debate so change numbers."
Wall Street reacted positively to the report, with the stock market futures modestly higher after the report.
Health care added the most jobs, with 44,000, while transportation and warehousing grew 17,000. Financial services added 13,000 as well.
The greatest losses came in manufacturing, which fell 16,000.
The closely watched average work week metric edged higher to 34.5 hours while average hourly earnings increased seven cents to $19.81.
Jack Welch Predicted a phony jobs number last night...Looks like the Obama Goons got to the department of labor...what a shame we have federal government from the President on down that just can't tell the truth to the American People...
JACK WELCH: Obama Is Manipulating The Jobs Numbers Because His Debate Performance Was Awful
Brett LoGiurato
Former GECEO Jack Welch's reaction to non-farm payrolls adding 114,000 new jobs in September and the unemployment rate falling to 7.8 percent:
Looks like Welch already was predicting this last night:
Twitter/@jack_welch
MORE JOBS/DEBATE COVERAGE:
Full breakdown of the surprising jobs report here >
Markets jump after jobs report >
LIMBAUGH: Obama had one of the greatest falls from great heights that I have ever seen" at debate >
Michael Moore's Twitter rant on Obama's debate performance >
Chris Matthews' epic meltdown >
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Here's Twitter's Prediction For Today's Jobs Report
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The Water Cooler
64 Comments
Comment kicked to The Bleachers.
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Jackwho on Oct 5, 8:44 AM said:
@Jesus H Singh:
Jack Welch ... back it up with facts.
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jshock on Oct 5, 8:47 AM said:
@Jesus H Singh:
The numbers are what they are,,, No real way to spin it
http://www.dailyjobcuts.com
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John Peterson on Oct 5, 8:52 AM said:
@Jackwho:
Add a comment...This Chicago style government is cooking the books. One month before election and all of a sudden a 3 pt. drop. There is nothing this administration won't do to stay in power. If this man gets elected the stupid people who vote for him will get what they deserve but its a shame we all suffer. This is the most corrupt administration ever.
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Itchy on Oct 5, 8:53 AM said:
@Jackwho:
Simple math for you idiots......22,500,000 unemployed in a workforce total of 145,000,000. adding 114,000 jobs brings the unemployment rate down .3%. How many people left the workforce, how convenient to leave that out? How many new jobs do you need to create just to keep up with population growth - 125,000/mth. Obama is a complete and abject failure/liar who will do anything to keep his free house, copter, and jet.
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Showing first 5 of 12 replies. View All
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hughjorgan on Oct 5, 8:45 AM said:
Really ????? i've lost all respect for this man, Pathetic
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Beltway Greg on Oct 5, 8:55 AM said:
@hughjorgan:
Well, if anyone should know it's old beat by a penny Jack Welch the king of corporate manipulators. No credibility.
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Beltway Greg on Oct 5, 9:11 AM said:
@Beltway Greg:
If Welch were Sec. of Commerce unemployment would be down to 1%. Here's the deal. America has had to wake-up and eat a dirt sandwich on a daily basis for the past couple of years because of the holy that thou attitude expressed and popularized by people like Welch. Republican or democrat we shouldn't have any tolerance for the old way of doing business and that's what Jack represents and don't even get me started on their environmental record under Jack. I'm certain he voted for Bush twice and would've cast a third vote if he had the chance.
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He failed e-verify on Oct 5, 8:46 AM said:
birth death rate models, et al ,
it's all available to jimmy to get their guy re selected
every thing that comes out of this adminstrations mouth is a lie, including the word 'is'
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Anthony on Oct 5, 8:47 AM said:
UNBELIEVABLE!
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411IDSigo on Oct 5, 8:54 AM said:
@Jesus H Singh:
Well hello there racist. It was a matter of time before you showed up.
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Gordon on Oct 5, 8:49 AM said:
Chicago thugs. Rahm Emanuel, Daley, Blago, Tony Rezko et al.
these are bad bad people.
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Gordon on Oct 5, 8:51 AM said:
@Gordon:
Chicago thugs. Rahm Emanuel, Daley, Blago, Tony Rezko et al.
these are bad bad people.
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tdegiulio
on Oct 5, 8:52 AM said:
@Gordon:
More stupidity from Gordo.
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Kip Spelling on Oct 5, 9:02 AM said:
@tdegiulio:
I was born and raised in Chicago and some of the people Gordon mentions. They funny thing is Chicago used to be run by the Mob. Now these clowns think they are the Mob, but keep messing things up.
When the Mob ran Chicago, everyone got paid". Not 1 dollar passed through the city that did not get "taxed". These clowns are hoarding their ill gotten gains, and the city is suffering.
Point is, breaking the law, does not make them the Mob, it makes them simple criminals.
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eman on Oct 5, 9:10 AM said:
@Gordon:
Add a comment...and they are all white corrupt bums as well as obama. only obam is half white,, so all white and one half white.. no black guys so take your race card and shove it up your ass.... anybody who thinks its racist to disagree with policy is a cunt..
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Obama_Dogeater on Oct 5, 8:52 AM said:
U-6 Figures remain unchanged at 14.7%.
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policygal on Oct 5, 8:56 AM said:
@Obama_Dogeater:
Exactly. These numbers don't add up. Jack Welch is no dummy. Expect an uptick revision on Monday.
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Rose on Oct 5, 9:01 AM said:
@Obama_Dogeater:
Correct ... though the headline number fell, the rate calculated by U-6 SA (seasonally adjusted) remained at 14.7%.
BLS, Table A-15, U-6
August NSA – 14.6
September NSA – 14.2
August SA – 14.7
September SA – 14.7
http://www.bls.gov/news.release/empsit.t15.htm
Stand by for participation rate.
R (I)
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look ma on Oct 5, 8:53 AM said:
Hey Jack!
Prove it or shut the hell up old man!
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Gordon on Oct 5, 8:53 AM said:
Chicago thugs. Rahm Emanuel, Daley, Blago, Tony Rezko et al.
these are bad bad people.
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wtrash on Oct 5, 8:54 AM said:
This administration must think we are as dumb as Obama apparently is.
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D-Dash on Oct 5, 9:11 AM said:
@wtrash:
He just thinks we're as dumb as his supporters. Typicial bunch of losers with no clue about the business world challenging Jack Welch. hahahaha
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WhiteGuiltWiggers @ MSNBC on Oct 5, 8:54 AM said:
Hussein has paid someone to lower the numbers when he should have paid for a believable counterfeit birth certificate.
President Romney will dispatch the homeboy chocolate jesus again in the next debate and the number will go down further.
Americans will fire chocolate jesus next month so he can build "THE HUSSEIN OBONGO PRESIDENTIAL BASKETBALL COURT" in Chicongo.
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Gil Zimmerman, Jr. on Oct 5, 8:55 AM said:
I'm not sure I'd want to bet against Jack. Who does the DOL report to, fools? Could it be the White House? THINK!
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tdegiulio
on Oct 5, 9:06 AM said:
@Gil Zimmerman, Jr.:
If the Prez could just easily manipulate the numbers, then the numbers would always be great...they'd always beat. Think man!
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rplat on Oct 5, 8:55 AM said:
This rate is exactly what it was when Obama took office. He's been playing a zero sum game and at best we have stagnation. It's amazing how the left wing mainstream media becomes giddy over a stagnant economy. Give it up, you're fooling no one except Obama's cultists
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tdegiulio
on Oct 5, 9:07 AM said:
@rplat:
Actually the rate was 8.3% when he took office
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Surprise?! on Oct 5, 8:55 AM said:
Hey it is October after all! Rush Limbaugh predicted this, the "unemployment" rate falling below 8% before the election, eons ago! Don't doubt him!
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Bright Lights on Oct 5, 8:56 AM said:
Its a MIRACLE ......not! I smell something burning in the kitchen and I better check it before the smoke alarm goes off. Yep, looks like the books are cooked!
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Joey WJ on Oct 5, 8:56 AM said:
Yes, this is true. Notice how Mitt attacked Ohbama the other night during the debate and said 43 straight months of unemployment above 8.0% with Ohbama running the show. Now, magically falls to 7.8% on 114k new jobs this month after Ohbama just crushed during the first debate?
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kska on Oct 5, 8:57 AM said:
Way to go Obama.... Next month 6.8% ..Sooooooooo obvious !!!
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Paul Price on Oct 5, 8:57 AM said:
as BI reported yesterday, Gallup said 7.9
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Mr. Perceptive on Oct 5, 8:58 AM said:
For balance, note that Welch is former Chairman of GE. And GE is Cronied Up out the wazoo with the Politico-Reptiles in DC to get greased deals linked to regulatory policy.
They think that Romney will be an even better mark than Obama because he's a Plutocrat like they are. And Jack Welch is their mouthpiece.
K Street is just as corrupt as Chicago...
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Justme on Oct 5, 8:59 AM said:
Numbers were 8.2 yesterday.
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Matthew Jacobs on Oct 5, 9:00 AM said:
Figures Don’t Lie, But Liars Do Figure
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Americanman2012 on Oct 5, 9:00 AM said:
The GDP fell from 1.7 to 1.3 which means the growth rate has slowed , and this President who spoke of Romney making up numbers, and lying about his tax cuts, and this despicable lying excuse of someone holding the office of President , wants us to believe that the unemployment rate went down from 8.1 to 7.8 with just 86,000 jobs added. We are not stupid, we are insulted, embarrassed by our President's tactics, to win an election. There is no honor in this man's body. There is a reported 23 million people out of work, and Obama has no ability , or desire to change that. Gasoline in California is over $5 a gallon, no keystone pipe line yet, and Taxes will be going up after elections ,all tax increases written into Obama care Bill, which will slow things even more. THE GREATEST DEPRESSION IS COMING, THANKS OBAMA!!!
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Frederick on Oct 5, 9:01 AM said:
More Government Lies, Media lies and false statistics. Four years of lies and failure is enough. We gotta dump these people.
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DA on Oct 5, 9:01 AM said:
Come ON you guys , this is hope and change the new way, Just follow the bouncing balls , just follow , just follow,
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mr_bill on Oct 5, 9:05 AM said:
According to the federal reserve board of Atlanta (http://www.frbatlanta.org/chcs/calculator/index.cfm), it would have required 257,879 new jobs a month for the last three months to move from 8.1% unemployment to 7.8% unemployment. The report out today does not contain numbers anywhere near the necessary figures. I also calculated the rate over three months, but the last unemployment report (8.2% unemployment) only came out a month ago (which would have required 570,000+ jobs to move the unemployment the .4% reported today. Additionally, the Bureau of Labor Statistics is showing that payroll levels have been falling for months, so a sudden reversal of this magnitude is highly unlikely.
Yes, by the numbers and common sense, it appears that Jack Welch is correct. The figures reported today fail the smell test. Making president kardashian appear competent has become job #1 for gov't employees, when they're not vacationing on our tax dollars.
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LiberalLies2012 on Oct 5, 9:06 AM said:
Do people believe that Obama would not report the true numbers just 33 days away from the election?
LOL
Jack Welch is a super businessman, but he is also naive to think Obama will not pull any trick out of the book in order to retain his own job. He's from Chicago. Cooking the books is political tricks 101. The first thing you learn when you go into Chicago politics.
Now the spin will begin. Axlerod and the merry band of thugs from Chicago will all emerge from their hidden caves to announce the economy has finally mended itself and the "savior", Barack Obama has done what we will all need to bow down and claim it a miracle.
In Russia they have Putin. In Iran they have Ali Amadenijad. Who knows who is running China these days, they are murdering their leaders in their sleep, but the power remains with the political elites. We have Barack Obama. The biggest propagandist the country has ever laid eyes upon.
Shocked? Heck no. I fully expected this and know from this day forward they will want to talk about nothing else.
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Southern Woman on Oct 5, 9:06 AM said:
I suppose this is the October Surprise we've all been anticipating?
I suppose this infinitesimally miniscule drop in jobs lost is going to miraculously swing the election over to obama? Get real. Tell that to the UNDER employed.
Ever consider that the increase in jobs might be because more people are taking two and three part time jobs to make ends meet?
ROMNEY-RYAN 2012!
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Kip Spelling on Oct 5, 9:06 AM said:
You know the drill guys, please pay attention.
We will find out how they manipulated these numbers, they will promise an un-biased investigation, and guess what???? the results will not be in before the election.
This is the administration who has ordered 1.6 Billion rounds of ammo and has at least false flags ready to go.
You really think they are "above" manipulating the jobs number?
Wow.... you guys really are his sheep.
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decklap on Oct 5, 9:06 AM said:
These people are idiots... but by all means, keep belching this nonsense old man. Nothing brings people to your point of view like whining when things don't go your way. Your time is passing....
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