Originally Posted by Smiling Assassin27
If you think this is good news, you're competing with a doornail for the highest level of dumb. But, like you, the American electorate eats what the media feeds them, so 114k job growth and a reduction in the unemployment rate, while ignoring the participation rate and the actual jobs that were the reason is just perfect. Thanks, Mr. President, you've saved us!
Participation rate is up, FYI, and the decline is built entirely on people getting new jobs.
Helps that normally things like this are incredibly conservative hence why there was so much upward revision for July and August.
Originally Posted by Garcia Bronco
I also question the accuracy of that number, however the measuring stick is the same. So this is good news for our economy if true.
These numbers have been coming in conservatively low for all of recent history, which is why we've seen so much upward revision in the July and August numbers.
We're likely going to see further upward revision for August in October and the first of another two upward revisions for September then as well.
Fact is, the economy appears to be creating just under 200K jobs per month, which is the target to really start steady decline in unemployment. It isn't getting reported accurately because its a damn hard thing to track on a week to week basis. The gov't. needs at least a month of payroll tracking to really get good confirmation on real data and it also needs time to process it.
Its good news and with the likely wave of holiday hiring around the corner, rallying consumer optimism, and some clear political future emerging in early November the U.S. economy should be poised for a strong 2013 that can finally get the nation off the mat from the financial crisis.