Blaise Pascal, PenseĆ© 347: “Man is but a reed, the most feeble thing in nature; but he is a thinking reed. The entire universe need not arm itself to crush him. A vapor, a drop of water suffices to kill him. But, if the universe were to crush him, man would still be more noble than that which killed him, because he knows that he dies and the advantage which the universe has over him; the universe knows nothing of this. All our dignity consists, then, in thought. By it we must elevate ourselves, and not by space and time which we cannot fill. Let us endeavor, then, to think well; this is the principle of morality.”

Wednesday, October 10, 2012

7.8% Unemployment?

Last week when the Dept. of Labor Statistics released it's unemployment figure for the last month, it was greeted with some incredulity. The Washington Post characterized it as "a surprising improvement," and left it here. Washington Post. The Philadelphia Inquirer did not embrace the number, and built its coverage around the reaction of a skeptical economist, Mark Zandi, who said "It's more statistical than real." see the article: A jobs stunner.

The Wall Street Journal ran the following video-report on the day the BLS published the statistic,
"Is 7.8% Unemployment Legit?"

.   . 

A month before the election, after a losing debate, the Democrats are trumpeting the good news.

The most controversial response to the 7.8% statistic was Jack Welch, former CEO of General Electric, who tweeted: "Unbelievable job numbers . . . these Chicago guys will do anything. . . can't debate so change numbers."

Welsh has been taking heat ever since. Chris Matthews on Welch:

Today, Welch responded to people who, he said, "would like me to pipe down." See his WSJ editorial at this link: Welch: "I was right about that strange jobs report"

Welch in on Fox Video at this link: Welch on Cavuto

Among explanations I've heard for the number are a statistically anomalous sample and spiking seasonal part-time employment. The last pre-election date for the release of unemployment statistics by the BLS is November 2.

No comments:

Post a Comment