Fmr. GE CEO Jack Welch questions jobs numbers in tweet
Jobless rate drops below 8 percent for first time in 4 years
- Duration 9:22
- Date Oct 5, 2012
Jobless rate drops below 8 percent for first time in 4 years
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Is this the October surprise the jobless rate dropping to seven point 8% the lowest it's been since President Obama took office.
But with only 1141000.
Jobs added in September.
One business leader isn't buying it Jack while -- here and only here.
-- -- -- Aren't -- -- -- -- -- would on this is your world and it's the tweet that's got everyone talking today former GE CEO Jack -- tweeting.
This just moments after the release of today's jobs report out.
Unbelievable jobs numbers these Chicago guys will do anything can't debate.
So change the numbers the labor secretary -- the charge quote ludicrous.
Jack Welch from.
She called to -- ludicrous.
But we didn't.
It's been called worse than -- -- and someone lived on the tradition there.
What -- I have no idea whether wind is number -- came from but gave you look at -- we added 600000.
Jobs in the government sector.
In August and September.
And that's the largest number we've had.
Since -- studies been done over 20600000.
In in September.
The household employment which we normally don't you -- And then seven and 8000 jobs.
That's the highest since 1983.
I've been reviewing business is all week film doesn't did -- this -- no one stronger than they were in the third quarter and they were in the -- war.
We've been told Eric F if you need 15200000.
To -- even -- the whole flat.
But we're still months regard him 8381.
By changing the participation rate assumption.
-- -- -- 81278.
By changing the household numbers and assumptions.
But I don't know of what -- the right numbers but I'll tell you.
These numbers don't smell right when you think about where the economy is right now so what handicap.
I don't I honestly don't know maybe we got the wrong measurement maybe we we should have been talking about.
83 an 85 and 86 -- maybe we shouldn't have been having.
To hold even as them as a benchmark but every economist this morning.
Predicted roughly ninety to a 140000.
An eight point two unemployment.
Sure let me let me let this thing about them will be Jack I have Wall Street Journal -- 25 -- prior to the release this morning.
The lowest number unemployment number that any of these 25 you're talking and Bank of America Barclays Capital Credit Suisse Citigroup -- -- HSBC -- down the board.
The lowest number was eight point 1% unemployment the high point -- became -- an average of about the Wall Street Journal eight point 1% self.
-- to understand is that the 25 most prominent economists in America.
Believe it should have been between eight point 1% and eight point 2% giving a 1141000.
Jobs created which was exactly.
But that Labor Department's on 78.
And that's why I treated.
And that's exactly what I -- I tweeted last night.
Predicting that they would -- seven.
-- that could be below weight now look there are assumptions and hair.
I mean this whole number it's made about the whole massive assumption who's participating who -- not working who's trying to work but he's dropped out.
All these things.
-- -- it just raises the question all I think there ought to be a good discussion about how this number is calculated that those.
Let's talk about that a little bit of quick we'll look into how they calculate both of the numbers.
The establishment survey which -- -- -- -- shows how many jobs are created.
It's it's -- it asks companies how many people they -- that's on the come over then number.
Problem as the household survey which is the unemployment rates phone -- uncle's 60000.
Phone calls a little room for error and that when -- Assumptions little room for assumptions.
And you're being nice it's.
Just ironic that they need these might play nice now it's just acknowledge.
Being nice I'm saying -- what I what I believe it's just ironic that these assumptions all came this way the month before the election.
You draw your own conclusion.
Well let me do this -- -- -- the full screen something we found out today.
We don't assumptions but we also did our homework a little bit the Bureau of Labor Statistics full strength -- show that.
There are at least -- Harley -- -- and Stephen Phillips that work in the Bureau of Labor Statistics currently who have both been donors to the Obama campaign.
Should -- make -- -- assumptions.
No I don't think you I I can make the judgment that but I didn't stick let's step back and let's go to -- to a government -- a Labor Department.
The bankrupted the auto industry and we didn't go through the normal bank bankruptcy didn't give.
But the credit is a chance and hindered the company's over the -- in an advantage -- Let's go to elect a Labor Department that and they're allowed be -- bowling when they went to South Carolina.
And held them up.
To not go there because they union issues you've got to like the department.
-- ideologues you have ideologues in two areas in the government to issue.
In the EPA.
And your labor and labor and and what -- anything like Jack we're supposed to sit home.
That Labor Department may be ideological but labor statistics isn't.
Well I can't judge.
I just raised the question about this economy do you think we've got to six but does it feel like.
A 6% improvement in employment in the last sixty days.
Does it feel -- well.
Jack take a listen to both governor Ronnie and President Obama on the campaign trail spinning in their own direction and the Labor Department number today -- -- that the unemployment rate has fallen to its lowest level since I took off.
-- more people are good.
Truth is if the same share of people were participating in the workforce.
Today is on the day the president got elected.
Where unemployment rate would be around 11%.
That's the real reality of what's happening out there.
Right if you add in that did -- but they say it left.
The work -- which by the way.
Now there's no not calling every single person their numbers such an estimating that number.
If he had those back in governor Romney's right it exceeds 11% inaccessible let them one -- this -- got a look a lot of room and that.
And it came out very favorably just 110 of a point below when they -- president Obama's now.
I was born in Salem managed and I don't know all the way than the bet that there she -- to Washington do it.
But this is a funny thing because -- that happen.
And it's not because I'm not.
As the toward his feelings to say those who don't don't agree in Iran right now that I am old and I'm senile and all these things.
That's -- -- it's about this a -- asking questions.
Asking -- does the economy feel like the employment and improved by 6% in the last six today.
Let me ask you this check how many people need to understand Jack Welch how many people do you have on your employee.
At the -- 4101410.
Value ran a major international corporation you know a logic about.
The largest on the planet you know you're talking about well I don't know but -- I know this.
This economy doesn't feel like.
The employment improved the missiles missile allowable and it's just maybe it's a coincidence.
-- the month before the election we have a number that comes out 110.
Bode well when the president took office from an ideologue.
But -- vision.
Of the federal government I don't have any idea how they do it.
The film and assumptions -- him.
Jack iPad not a believer in coincidence I don't think there are -- -- life part time workers jumped 600000.
For the month 600000.
Was a -- from the phone survey.
The -- I mean that it's it's surprising.
It's surprising these numbers it doesn't feel that when I went for reviews.
Of more than a dozen businesses this week.
No business that I talked to from -- To widgets.
You read or heard.
Anything it was -- private equity company.
None of them.
Were stronger in the third quarter than they were in the second -- the economic activity in the second was downgraded to one point 3% for the economic activity.
Doesn't -- To correlate.
With his surge all of a sudden the month before the election.
Important -- Wal-Mart when we're numbered for -- 600000 manufacturing jobs lost there in the Obama presidency was a time.
Tells -- that we've got to get -- competitiveness back.
We need less regulation.
About a tax policy.
A better energy policy to grow the hell out of America.
They -- Jack will lead to death thank you very much into -- thank Jack right so which is.