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 went up even more.
Part-Time employment went up by 582,000 as noted in my report September Jobs +114,000; Unemployment Rate 7.8%; Part-Time Workers +582,000; Initial Reaction and Election Impact.
Government hiring went up by 187,000 in September, something I failed to mention yesterday.