Friday’s unemployment report was a smash hit. As usual, interpretations by the media were varied. But a frenzy ensued when Jack Welch tweeted that the numbers were manufactured.
Five thousand retweets followed. Only in an election year!
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The numbers are indeed for real. And even though job growth is slow, it is not slowing. In fact, the numbers for the previous two months were revised upward. Significantly.
The August number was revised upward to 142,000 from 96,000 and July’s report was revised upward by 41,000.
During the Nixon administration, the unemployment numbers really were manipulated!
Subsequently, the controls over data calculations
have become much stricter, making it nearly impossible to doctor the numbers.
And even if the unemployment rate ticks up again, it will be a good sign. It will mean that people
who had given up on finding a job will once again have entered the search.
As the economy strengthens, more jobs will be created and more people will seek employment.
Of course, this isn’t likely to happen in a smooth, upward trajectory. But the trend has been reestablished and that’s a good thing.
The US is still the shining spot in the global economy. Its economy is stable, unlike many economies in Europe and Asia. We are also a unified country, unlike Spain and Greece, among others.