Lower unemployment rate doesn’t tell the entire story, experts say

The Bureau of Labor and Statistics (BLS) announced today that the national unemployment rate dropped a surprising .3 percent in September to 7.8 percent, down from 8.1 percent in August. This is the lowest the unemployment rate has been since President Obama took office in January 2009.

The unemployment rate for 18-29 years olds dropped even more dramatically, decreasing nearly one percent from 12.7 percent in August to 11.8 percent in September.

But the lower unemployment rate doesn’t tell the whole story, experts say.

Former Congressional Budget Office Director and current President of conservative nonprofit American Action Forum Douglas-Holtz Eakin called BLS’ estimated increase of 873,000 jobs in September “extraordinary – but implausible.”

“This must be an anomaly – it is out of line with any of the other data,” Eakin, who is an economist, said in a press release.

Former George W. Bush labor department official and President of youth organization Generation Opportunity Paul Conway called the drop  “interesting at best, suspicious at worst.” “Especially five weeks from an election,” he added.

Conway also said that young Americans in particular need to look at the bigger picture and not just the September jobs numbers because the devil is in the details.

“What you’re looking at is the highest sustained number of unemployment for young Americans since WWII,” he said, noting that even 11.8 percent is an incredibly high number.

Conway pointed out that approximately 75 percent of the jobs that were created in September were part-time jobs. Meaning, that while more young Americans may have found employment last month, they likely weren’t high paying jobs or at anywhere related to their field of study.

“You’re not seeing full-time meaningful job creation, not by any meaningful measure,” Conway said of the dire situation.

Likewise, Generation Opportunity argues that many young Americans have given up looking for work, and thus are not being counted in the official unemployment rate.

According to Generation Opportunity’s press release on the September jobs report, “If the labor force participation rate were factored into the 18-29 youth unemployment calculation, the actual 18-29-unemployment rate would rise to 16.6 percent.”

Conway rejects the notion that young people are to blame for this youth unemployment crisis.

“They’re not lazy,” he said. “They care about this country they want to get on with their life.”

President Obama’s administration previously estimated that the national unemployment rate would be 6 percent by this point in the President’s term – a number that is clearly out of reach before the presidential election. However, even a slightly lower unemployment rate like the one released today could give the President the boost he needs to save his own job.

With the next jobs report set to drop on Friday, Nov. 2 – only four days until the election, the October unemployment rate announcement could truly be a make or break factor in determining whether or not Mitt Romney becomes the next President of the United States.

 

Comments

Comments

  1. Tom McElvy says:

    Actually, this should NOT be too surprising – large retail firms are starting to hire their part-time Christmas help. That should factor in, but we all know that the idiot-in-charge will do anything he can to try and maintain power.

  2. Horace says:

    Actually in this case it does tell the whole story because labor force participation stopped going down and actually increased in September.

    I know conservatives are going to hate it, but the fact is this is a really really good jobs report.

The 'Notorious RBG' takes over SNL
Supreme Court Justice Ruth Bader Ginsburg gives pretty hilarious and biting interviews in real life — “not 100 percent sober” ringing any bells? — but Kate McKinnon’s version of the “Notorious RBG” on Saturday Night Live’s “Weekend Update” may just take the cake. From jokes about her morning exercise routine to her sexy dreams about […]
Jimmy Kimmel 'censors' Obama

Thanks to some mischievous editing from Jimmy Kimmel, these originally innocent TV clips will put your mind straight in the gutter.

Jon Stewart: Fox News is 'killing' him

As his days on the Daily Show wind down, Jon Stewart wants to make sure we are all aware how much he really, really hates Fox News.

Jay Carney is going to work for Amazon

Imagining an Amazon customer service call with Jay Carney on the line.

Ron Swanson, libertarian visionary

We're sad to say that "Parks and Rec" has aired its finale episode, leaving a Pawnee-shaped hole in our hearts.

White House

Calling for cooperation, Obama engages in confrontation

WASHINGTON (AP) — Amid appeals for bipartisanship, President Barack Obama in just three days has provoked Republicans on issues as disparate as immigration, Wall Street and the Keystone XL pipeline — a combative mix of defense and offense that underscores Washington's political realignment.

It’s on: Obama follows through and vetoes Keystone pipeline

Defying the Republican-run Congress, President Barack Obama rejected a bill Tuesday to approve construction of the Keystone XL oil pipeline, wielding his veto power for only the third time in his presidency.

Biden: The middle class is ‘being killed,’ in worse shape than any time since the ’20s

Joe Biden—everyone’s favorite creeper and truth-bomb-dropper.

MSNBC Host: Obama’s terrorism summit is a ‘dog and pony show’
You know it’s bad when President Obama has even lost the support of MSNBC. MSNBC Host Andrea Mitchell basically called the White House’s Summit on “Countering Violent Extremism” a farce during her show Wednesday. “Here he has the summit, no heads of government coming, the participation has not been at a particularly high level. We’ll have […]
Obama assures ‘almost complete confidence’ there have been no NSA abuses

The president’s interview with Re/code over the weekend touched on privacy issues, with Obama insisting with “almost complete confidence” that there have been no abuses of the government’s vast surveillance program.

Congress

DCCC fundraises off shutdown that didn't happen
Democrats really jumped the gun on this one. It seems that the Democratic Congressional Campaign Committee was in such a hurry to fundraise over their hatred for Republicans this weekend that they were willing to spread a little misinformation to do so. The DCCC emailed supporters Saturday morning incorrectly saying that Republicans had allowed the Department of […]
Rand Paul calls on Hillary to retire

Rand Paul’s speech at CPAC Friday felt a lot like a campaign rally—and the crowd left little room to doubt that they wanted it that way, breaking out into chants of “President Paul! President Paul!” at least three times over the course of his remarks.

Cruz: Obama, Carter similarities 'uncanny'
Sen. Ted Cruz (R-Texas) has his sights set on 2016, but he is not very optimistic about what will happen both at home and abroad in the mean time. Cruz laid out his predictions for the direction he believes President Obama is leading the country in during a round table event with reporters and bloggers […]
Cruz calls Lynch vote 'heartbreaking'
Loretta Lynch won approval from a key Senate committee Thursday to serve as the nation’s next attorney general, as divided Republicans clashed over her support for President Barack Obama’s immigration policies. The 12 to 8 vote in the Judiciary Committee sent Lynch’s nomination to the full Senate. Three Republicans joined all committee Democrats in voting “yes.” […]
It's Warren 2015, not '16

There seems to be a lot of talk about political "branding" lately. Allow Elizabeth Warren to take a crack at it.