The FOX top of the hour radio news has been pimping this like it is some big deal that Ump is at 7.4%. I remember when 5% Ump was a major crisis under Bush. What a load of shit. I also find it absurd that anyone is taking under 200K jobs added as anything but worthless. Anyone around when Reagan was adding a million jobs to the rolls when we had a real recovery?

Can you guys help? I'm trying to find a tweet from then Senator Obama from 2008 when the unemployment rate was 5%, and he criticized Bush for it. I can't find it anywhere.

Quote: Frank Cannon wrote in post #2

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The FOX top of the hour radio news has been pimping this like it is some big deal that Ump is at 7.4%. I remember when 5% Ump was a major crisis under Bush. What a load of shit. I also find it absurd that anyone is taking under 200K jobs added as anything but worthless. Anyone around when Reagan was adding a million jobs to the rolls when we had a real recovery?

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Quote: Weird Tolkienish Figure wrote in post #3

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Can you guys help? I'm trying to find a tweet from then Senator Obama from 2008 when the unemployment rate was 5%, and he criticized Bush for it. I can't find it anywhere.

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If they can just get a few more million workers to be too discouraged to be a part of the job market, I'm sure they can get that bogus rate down to 6.5% in no time flat!

Just for giggles I checked the BLS Birth and Death model
http://www.bls.gov/web/empsit/cesbd.htm

This is the statistical tool used to 'estimate' the net number of jobs resulting from the birth and death of new businesses.

The number for July is +54,000.

Per the BLS: "Note that the net birth/death figures are not seasonally adjusted, and are applied to the not seasonally adjusted monthly employment estimates to derive the final CES employment estimates. "

So I went to table B-1
http://www.bls.gov/news.release/empsit.t17.htm

I subtracted +54,000 from the not seasonally adjusted number of jobs reported for July
135,664,000 - 54,000 = 135,510,000 reported in the non-farm payroll data.

Subtract this from the not seasonally adjusted number for June (136,777,000 [p])
136,777,000 - 135, 510, 000 = -1,267,000 jobs [p]

Note p = provisional, i.e. still subject to revision as further data comes in.

I'd like to see someone report that -1,267,000 jobs.

In order to get +162,000 jobs created, the birth and death model combined with the seasonal adjustment formula added in +1,429,000 jobs to the raw data !

Unemployment minus the 'enhancements' to unemployment stats added in since the mid 1990's: