You can expect that this must be due to a liberal skew in the numbers:
Meanwhile, the unemployment rate unexpectedly fell to 7.8% in September, from 8.1% the prior month.
Although the revisions were positive, the economy is growing at the same sluggish pace it has been since the spring, and is showing few signs of speeding up any time soon.
This is kind of a big deal (understatement) from an economic policy perspective and from a presidential race perspective.
Let me also add that while this will be attributed to a ‘skewing’ the data, the poll data showing a Romney bounce from the debate performance really aren’t skewed at all.
Just wait for it today and relish the foolishness of it all.
Update 12:14PM: Just as I predicted:
JACK WELCH: Obama Is Manipulating The Jobs Numbers Because His Debate Performance Was Awful
Seriously, you just can’t make this stuff up.
Update 3:44PM: Why you should read Barry Ritholtz:
Of all the people who have something to say about the BLS, none is more unintentionally ironic than former GE CEO Jack Welch.
Indeed, it was too regular: After the 2000 crash, we learned of earnings manipulation and accounting shenanigans. The criticism was GE Capital acted as an opaque leveraged hedge fund that always be counted on to help GE beat by a penny. (GE eventually had to settle accounting fraud charges with the SEC).
So if anyone knows a thing or two about cooking the books, its GE’s Jack Welch. Want even more proof? Have a look at this chart of Welch’s earnings versus his successor, Jeff Immelt:(chart here)