You knew they’d eventually massage the number under 8%, especially since more and more people give up looking for work.
Job growth remained tame in September, with the economy creating just 114,000 net new positions though the unemployment rate fell to 7.8 percent.
The report presented a slew of contradictory data points, with the total employment level soaring despite the low net number.
The falling jobless rate has been a function as much of the continued shrinking in the labor force as it was an increase in new positions.
But the government said the total number of jobs employed surged by 873,000, the highest one-month jump in 29 years.
This is complete fiction, but what do you expect from a desperate incumbent? Not that it’ll be reported, but the broader U-6 rate is 14.7%.
Quite obvious what’s going on: