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Jack Welch: I Was Right About That Strange Jobs Report

Posted By admin On October 10, 2012 @ 9:30 am In Money Watch | Comments Disabled

Jack Welch
Wall Street Journal [1]
October 10, 2012

Imagine a country where challenging the ruling authorities—questioning, say, a piece of data released by central headquarters—would result in mobs of administration sympathizers claiming you should feel “embarrassed” and labeling you a fool, or worse.

Soviet Russia perhaps? Communist China? Nope, that would be the United States right now, when a person (like me, for instance) suggests that a certain government datum (like the September unemployment rate of 7.8%) doesn’t make sense.

Unfortunately for those who would like me to pipe down, the 7.8% unemployment figure released by the Bureau of Labor Statistics (BLS) last week is downright implausible. And that’s why I made a stink about it.

The economy is not in a free-fall. Oil and gas are strong, automotive is doing well and we seem to be seeing the beginning of a housing comeback. But I doubt many of us know any businessperson who believes the economy is growing at breakneck speed, as it would have to be for unemployment to drop to 7.8% from 8.3% over the course of two months.

Full story here. [1]


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[1] Wall Street Journal: http://online.wsj.com/article/SB10000872396390444897304578046260406091012.html?mod=WSJ_Opinion_LEADTop

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