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"Unbelievable Numbers" Says Former GE CEO Jack Welch

charles_v Wrote: Oct 07, 2012 4:24 AM

the U3 unemployment rate went down to 7.8%. the U6 rate remained the same at 14.7%. An unbelievable quantity of part time jobs were added which transferred U3 unemployed people to employed. the U3 rate is basically people getting unemployment benefits and is kinda a shell game. when their benefits expire these people are transfered to the U6 rate. The U6 rate covers all unemployed and underemployed people. an underemployed person might be a person with a PHD that was making $120,000/yr before he became unemployed. When the PHD is off U3 benefits and drive a taxicab oart time and makes $10,000/Yr that is a good example of being underemployed. The PHD is still looking for work in his profession but is getting food money in the door.

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charles_v Wrote: Oct 07, 2012 4:33 AM

(continued) So for the U3 rate to drop It should mean that a full time job was replaced by one that is of comparable salary, such as 50% of the old job. Otherwise it should transfer to the U6 rate.
So i suspect what is happening is that the part time jobs are really underemployed jobs but they are counting them differently for election purposes. seasonal christmas hiring is too far away for this to affect it.

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"Unbelievable Numbers" Says Former GE CEO Jack Welch

Political charges flew on Friday following the unexpected drop in unemployment rate by three-tenths of a percent.

Former GE CEO Jack Welch led the way with a Tweet "Unbelievable jobs numbers..these Chicago guys will do anything..can't debate so change numbers".

In two of the last three months the unemployment rate fell solely because of people dropping out of the labor force. This past month, people came back in the labor force but part-time hiring and government hiring...

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