I need an economist to write to me and explain today’s jobs report. The press is reporting good news – unemployment went DOWN to 5.6% from 5.7%, while the economy LOST JOBS.
The U.S. economy shed jobs in September for the first time in five months, the government said on Friday in a report that highlighted the uneven pace of the U.S. economic recovery. Payrolls outside the farm sector fell by 43,000, in contrast to the 5,000 gain private economists had predicted, the Labor Department said. But in another unexpected development, the unemployment rate fell to 5.6 percent in September from 5.7 percent in August.
I had understood that if the economy lost jobs in this report, this was the worst possible news, that we’re heading for a dubya-dip recession or worse. September marked the first payroll decline since a 21,000 job loss in April.
But then there’s this. Offsetting some of the gloomy news in the September figure, however, was a sharp upward revision in August payrolls to a 107,000 gain from a previously reported 39,000 increase. Did YOU see any of those jobs where YOU are? Certainly not here.
And one more thing. He said that recently, the household survey has been boosted by the number of teenage workers who have held on to their summer jobs, rather than leaving the workforce as many do in the fall. What ever happened to SCHOOL?