The “Labor Report” is absolute gibberish this month. It is often misleading, although I don’t believe that is deliberate. I think it is just a high level of incompetence on the part of the Labor Department and the media. But this month it reached a nadir.
First it tells us that the economy lost 330,000 jobs in September, but falls all over itself assuring us that the figure reveals “strength in the economy” because it was due to hurricanes. I doubt that people who were in the areas hit by the hurricanes are buying that, but we aren't at the best part yet.
It goes on to say that the unemployment rate, “derived from a separate Labor Department survey of households,” declined to 4.2% in September.
How does the unemployment rate decrease when the number of employed showed a rather large decrease? Not a bad question. Why are media reports of the number of employed and the unemployment rate coming from two separate reports? That is a very good question.
The Household Survey, which includes the 4.2% unemployment rate, shows that the number of people employed increased by 906,000 in September. Why did the media choose not to report that? And why does one report show a decrease of 330,000 while the other shows an increase of 906,000 for the month? That's a difference of 1.26 million people.
This would normally be where I would provide the answers to these questions, but I don’t have any. I’m wondering why I seem to be the only one asking the questions.
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