The Homa Files

The BLS reported that that private sector added 64,000 in September.

Point 1: ADP reported that the private sector cut 39,000 jobs in September … hmmm … one says up, one says down … wonder if the BLS chief got any ‘context’ from the White House ? … remember when the the CBO director got an invitation to the Oval Office when his healthcare numbers weren’t coming out right ?
http://blogs.abcnews.com/politicalpunch/2009/07/republicans-assail-president-obama-meeting-with-congressional-budget-office-director-as-inappropriat.html

Point 2: Accepting the BLS number and putting it into perspective: there are roughly 120 million folks employed in the private sector, so 64,000 represents about  1/20th of 1 percent … better than a negative number, and better than nothing … but not by much …it means that the private sector is adding jobs at the galloping rate of about 1/2% annually … nothing to brag about
(64,000 / 120,000,000 = 0.053% X 12 = .64%)

Point 3: The BLS reports a 9.6% unemployment rate … Gallup reports 10.1% … double hmmm

Ken’s Prediction: On the Friday after the election, the meager apparent jobs gain will be revised downward  and the unemployment rate will be revised up.  Just watch …

This entry was posted on October 11, 2010 at 6:59 am and is filed under Employment - Jobs, Unemployment. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.