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Mixed Jobs Report Shows Unemployment Down to 7.8%

upside22 Wrote: Oct 05, 2012 11:01 AM
Unemployment is calculated from household survey data -- it shows an increase of 873,000 in the number employed in Sept. The job increase is based on establishment survey (i.e. businesses) data -- it shows an increase of 114,000. That's a difference of EIGHT TO ONE! Based on BLS data for five years the *maximum* discrepancy has been about 2.5 to 1! And now it is 8 TO 1? Whose been messing with the household survey data and/or methodology? The BLS report gives no explanation of the difference!
The jobs report prepared by the Bureau of Labor Statistics had mixed news today. Job growth was mediocre - only 114,000 new jobs were added in September, which isn't even enough to keep up with population growth. The top-line unemployment number fell to 7.8% and there was actually an increase in the labor force participation rate.

The biggest news consisted of revisions to previous reports. BLS revised the previous two months up by almost 100,000 total jobs (there were 40,000 more jobs added to August and 44,000 jobs added to July).

The economy has remained sluggish, even with the...