Unemployment rate 7.8%; Unemployment rate contradicted by job growth report

Today’s unemployment report met the political threshold set by Obama of being below 8 percent.

To reach this threshold, the Labor Department’s Bureau of Labor Statistics found that an astounding 873,000 people found full-time jobs last month.  This finding contradicts virtually every other economic indicator including those used by the Federal Reserve to take the immediate and unprecedented step to embark on the Quantitative Easing 3, which entails pumping $40 billion of new dollars into the economy every month for the foreseeable future.

Additional evidence that the data used to determine the unemployment rate is not valid can be found in the Bureau of Labor Statistics report on the number of actual jobs created.  This report shows only 114,000 jobs created including an increase of 10,000 government workers.

Either the Federal Reserve, which has its fingers on the pulse of every element of the economy, and the Bureau of Labor Statistics manufacturing survey report are grievously wrong or the number used to calculate the unemployment rate are wrong, or worse manipulated. Given that these numbers conveniently meet Obama’s campaign promises one month before the election, the conclusions are obvious.

“It appears that Obama has hired infamous Iraqi Information Minister Baghdad Bob to calculate the unemployment rate.  Anyone who takes this unemployment report seriously is either naïve or a paid Obama campaign adviser,” says Americans for Limited Government Communications Director Rick Manning, also former Public Affairs Chief of Staff at the U.S. Department of Labor.

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