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Unemployment rate falls to 44-month low

Jobs-September-1210

Photo Credit: Small_Realm, Flickr

Christopher Gerber (CGerber@BoatingIndustry.com)
October 5, 2012
Filed under News, Top Stories

The U.S. unemployment rate decreased to 7.8 percent in September, a 44-month low, according to the U.S. Bureau of Labor Statistics.

Employment rose by 114,000 to drive the unemployment rate down 0.3 percentage points from the prior month. Total employment rose by 873,000 in September, following three months of little change, according to the report.

While unemployment decreased, the number of employees working part time for economic reasons increased 600,000 in the last month to 8.6 million.

Manufacturing employment decreased by 16,000 in September but net employment is unchanged since April. Other major industries reported little change, according to the report.

In August, nonfarm employment rose by 142,000, a revised number from the original report of a 96,000 gain.

The U.S. Labor report came on the heels of an ADP National Employment Report that said employment rose by 162,000, which followed an August employment increase of 189,000.

Comments

2 Responses to “Unemployment rate falls to 44-month low”

  1. Marc DePeel on October 5th, 2012 12:24 pm

    This is a bogus story. The unemployment rate went down for August by only 0.1% with more jobs than last month. The Department of Labor changed the way they calculated the rate for this month, and the number of people who are employed part time and are looking for full time work increased dramatically. I gleaned all of this from news stories posted and broadcast this morning from various sources.

    Gee, imagine a news story not quite telling the whole truth.

    [Reply]

    Christopher Gerber (CGerber@BoatingIndustry.com) Reply:

    Marc,

    Would you mind providing those sources?

    The Bureau of Labor and Statistics has no political appointees currently and both the BLS and ADP job reports have shown positive trends in employment.

    In many cases, the estimated numbers have been low and revised upwards (revisions are common as the numbers are only estimates), making the estimates from previous months lower inaccurate and causing this month’s gain to only appear larger because of the jump from the previous month’s unrevised rates.

    New York Times, Washington Post, Bloomberg and Reuters have all reported similarly, and former head of the BLS (serving from 2008-12) said that it would be impossible to manipulate the data in an interview with the Wall Street Journal. “There’s nothing wrong with the numbers,” said Mr. Hall. “The only issue is the interpretation of the numbers. The numbers are what they are.”

    -Chris

    [Reply]

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