Archive for October, 2012

Pronk Pops Show 90, October 29, 2012: Segment 0: U.S. Real Gross Domestic Product Grew in 3rd Quarter at 2% Annual Rate–Prediction: Romney Wins With 53%–Obama Loses with 47% of Popular Vote–Videos

Posted on October 29, 2012. Filed under: American History, Budgetary Policy, Business, Climate Change, Communications, Consitutional Law, Economics, Energy, Federal Government, Fiscal Policy, Foreign Policy, Government, Government Spending, Health Care, Health Care Insurance, History, Investments, Law, Media, Monetary Policy, Philosophy, Politics, Radio, Regulation, Success, Tax Policy, Videos, War, Wisdom | Tags: , , , , , , , , , , , , |

Pronk Pops Show 90: October 29, 2012

Pronk Pops Show 89: October 22, 2012

Pronk Pops Show 88: October 7, 2012

Pronk Pops Show 87: September 7, 2012

Pronk Pops Show 86: August 29, 2012

Pronk Pops Show 85: August 2, 2012

Listen To Pronk Pops Podcast or Download Shows 88-90

Listen To Pronk Pops Podcast or Download Shows 84-87

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Listen To Pronk Pops Podcast or Download Shows 01-09

Segment 0: U.S. Real Gross Domestic Product Grew in 3rd Quarter at 2% Annual Rate–Prediction: Romney Wins With 53%–Obama Loses with 47% of Popular Vote–Videos

US growth up, but not enough to help Obama

The Politics Behind the Latest Government Economic Report

US GDP grows 2% ahead of presidential election

GDP Rises 2% in 3rd Quarter, Consumer Spending Increases

3XSQ: U.S. GDP expands 2%

National Income and Product Accounts Gross Domestic Product: Third Quarter 2012 (advance estimate)
      Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 2.0 percent in the third quarter of 2012 (that
is, from the second quarter to the third quarter), according to the "advance" estimate released by the
Bureau of Economic Analysis.  In the second quarter, real GDP increased 1.3 percent.

      The Bureau emphasized that the third-quarter advance estimate released today is based on source
data that are incomplete or subject to further revision by the source agency (see box below).  The
"second" estimate for the third quarter, based on more complete data, will be released on November 29,
2012.

      The increase in real GDP in the third quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), federal government spending, and residential fixed
investment that were partly offset by negative contributions from exports, nonresidential fixed
investment, and private inventory investment.  Imports, which are a subtraction in the calculation of
GDP, decreased.

      The acceleration in real GDP in the third quarter primarily reflected an upturn in federal
government spending, a downturn in imports, an acceleration in PCE, a smaller decrease in private
inventory investment, an acceleration in residential fixed investment, and a smaller decrease in state and
local government spending that were partly offset by downturns in exports and in nonresidential fixed
investment.

____________

FOOTNOTE.  Quarterly estimates are expressed at seasonally adjusted
annual rates, unless otherwise specified.  Quarter-to-quarter dollar changes
are differences between these published estimates.  Percent changes are
calculated from unrounded data and are annualized.  "Real" estimates are in
chained (2005) dollars.  Price indexes are chain-type measures.

      This news release is available on BEA’s Web site along with the Technical Note and Highlights related to this release.
____________

      Final sales of computers added 0.17 percentage point to the third-quarter change in real GDP
after subtracting 0.10 percentage point from the second-quarter change.  Motor vehicle output subtracted
0.47 percentage point from the third-quarter change in real GDP after adding 0.20 percentage point to
the second-quarter change.

      The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.5 percent in the third quarter, compared with an increase of 0.7 percent in the second.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.3 percent in
the third quarter, compared with an increase of 1.4 percent in the second.

      Real personal consumption expenditures increased 2.0 percent in the third quarter, compared
with an increase of 1.5 percent in the second.  Durable goods increased 8.5 percent, in contrast to a
decrease of 0.2 percent.  Nondurable goods increased 2.4 percent, compared with an increase of 0.6
percent.  Services increased 0.8 percent, compared with an increase of 2.1 percent.

      Real nonresidential fixed investment decreased 1.3 percent in the third quarter, in contrast to an
increase of 3.6 percent in the second.  Nonresidential structures decreased 4.4 percent, in contrast to an
increase of 0.6 percent.  Equipment and software decreased less than 0.1 percent, in contrast to an
increase of 4.8 percent.  Real residential fixed investment increased 14.4 percent, compared with an
increase of 8.5 percent.

      Real exports of goods and services decreased 1.6 percent in the third quarter, in contrast to an
increase of 5.3 percent in the second.  Real imports of goods and services decreased 0.2 percent, in
contrast to an increase of 2.8 percent.

      Real federal government consumption expenditures and gross investment increased 9.6 percent
in the third quarter, in contrast to a decrease of 0.2 percent in the second.  National defense increased
13.0 percent, in contrast to a decrease of 0.2 percent.  Nondefense increased 3.0 percent, in contrast to a
decrease of 0.4 percent.  Real state and local government consumption expenditures and gross
investment decreased 0.1 percent, compared with a decrease of 1.0 percent.

      The change in real private inventories subtracted 0.12 percentage point from the third-quarter
change in real GDP after subtracting 0.46 percentage point from the second-quarter change.  Farm
inventories subtracted 0.42 percentage point from the third-quarter change after subtracting 0.17
percentage point from the second-quarter change.  Nonfarm inventories added 0.30 percentage point to
the third-quarter change after subtracting 0.29 percentage point from the second-quarter change.

      Real final sales of domestic product -- GDP less change in private inventories -- increased 2.1
percent in the third quarter, compared with an increase of 1.7 percent in the second.

Gross domestic purchases

      Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 2.1 percent in the third quarter, compared with an increase of 1.0 percent in the
second.

Disposition of personal income

      Current-dollar personal income increased $89.3 billion (2.7 percent) in the third quarter,
compared with an increase of $130.3 billion (4.0 percent) in the second.

      Personal current taxes increased $13.2 billion in the third quarter, compared with an increase of
$20.2 billion in the second.

      Disposable personal income increased $76.1 billion (2.6 percent) in the third quarter, compared
with an increase of $110.0 billion (3.8 percent) in the second.  Real disposable personal income
increased 0.8 percent, compared with an increase of 3.1 percent.

      Personal outlays increased $111.4 billion (4.0 percent) in the third quarter, compared with an
increase of $57.4 billion (2.0 percent) in the second.  Personal saving -- disposable personal income less
personal outlays -- was $445.0 billion in the third quarter, compared with $480.3 billion in the second.
The personal saving rate -- personal saving as a percentage of disposable personal income -- was 3.7
percent in the third quarter, compared with 4.0 percent in the second.  For a comparison of personal
saving in BEA’s national income and product accounts with personal saving in the Federal Reserve
Board’s flow of funds accounts and data on changes in net worth, go to
www.bea.gov/national/nipaweb/Nipa-Frb.asp.

Current-dollar GDP

      Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
5.0 percent, or $190.1 billion, in the third quarter to a level of $15,775.7 billion.  In the second quarter,
current-dollar GDP increased 2.8 percent, or $107.3 billion.

______________

BOX.     Information on the assumptions used for unavailable source data is provided in a technical note that
is posted with the news release on BEA's Web site.  Within a few days after the release, a detailed "Key
Source Data and Assumptions" file is posted on the Web site.  In the middle of each month, an analysis of
the current quarterly estimate of GDP and related series is made available on the Web site; click on Survey
of Current Business, "GDP and the Economy."  For information on revisions, see "Revisions to GDP, GDI, and
Their Major Components."
______________

      BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the
site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

                                        *          *          *

Next release -- November 29, 2012, at 8:30 A.M. EST for:
Gross Domestic Product:  Third Quarter 2012 (Second Estimate)
Corporate Profits:  Third Quarter (Preliminary Estimate)

                                        *          *          *

Release Dates in 2013

           	 2012: IV and 2012 annual    	2013: I     	2013: II          2013: III

Gross Domestic Product
Advance...		January 30            	April 26	July 31		  October 30
Second...		February 28          	May 30      	August 29	  November 26
Third... 		March 28             	June 26     	September 26	  December 20

Corporate Profits
Preliminary...          ........		May 30      	August 29	  November 26
Revised... 		March 28             	June 26     	September 26	  December 20

                                            Comparisons of Revisions to GDP

     Quarterly estimates of GDP are released on the following schedule:  the "advance" estimate, based on
source data that are incomplete or subject to further revision by the source agency, is released near the end of the
first month after the end of the quarter; as more detailed and more comprehensive data become available,
the "second" and "third" estimates are released near the end of the second and third months, respectively.
The "latest"” estimate reflects the results of both annual and comprehensive revisions.

     Annual revisions, which generally cover the quarters of the 3 most recent calendar years, are usually carried
out each summer and incorporate newly available major annual source data.  Comprehensive (or benchmark)
revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as
improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S.
economy.

The table below shows comparisons of the revisions between quarterly percent changes of current-dollar
and of real GDP for the different vintages of the estimates.  From the advance estimate to the second estimate (one
month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the
advance estimate to the third estimate (two months later), it is 0.6 percentage point.  From the advance estimate to
the latest estimate, the average revision without regard to sign is 1.3 percentage points.  The average revision
(with regard to sign) from the advance estimate to the latest estimate is 0.2 percentage point, which is larger
than the average revisions from the advance estimate to the second or to the third estimates.  The larger average
revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as
the incorporation of BEA’s latest benchmark input-output accounts.  The quarterly estimates correctly indicate the
direction of change of real GDP 97 percent of the time, correctly indicate whether GDP is accelerating or
decelerating 72 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend
growth more than four-fifths of the time.

                           Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
                                                     [Annual rates]

       Vintages                                   Average         Average without     Standard deviation of
       compared                                                    regard to sign      revisions without
                                                                                         regard to sign

____________________________________________________Current-dollar GDP_______________________________________________

Advance to second....................               0.2                 0.6                  0.4
Advance to third.....................                .1                  .7                   .4
Second to third......................                .0                  .3                   .2

Advance to latest....................                .3                 1.2                  1.0

________________________________________________________Real GDP_____________________________________________________

Advance to second....................               0.1                 0.5                  0.4
Advance to third.....................                .1                  .6                   .5
Second to third......................                .0                  .2                   .2

Advance to latest....................                .2                 1.3                  1.0

NOTE.  These comparisons are based on the period from 1983 through 2009.
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Pronk Pops Show 89: Segment 1, Where are the jobs? Obama’s 10,000,000 Jobs Gap!–Videos

Posted on October 25, 2012. Filed under: Business, Communications, Economics, Employment, Federal Government, Fiscal Policy, Government, Government Spending, Housing, Media, Monetary Policy, Philosophy, Politics, Polls, Pro Abortion, Pro Life, Radio, Regulation, Resources, Videos, War, Wisdom | Tags: , , , , , , , , |

Pronk Pops Show 89: October 22, 2012

Pronk Pops Show 88: October 7, 2012

Pronk Pops Show 87: September 7, 2012

Pronk Pops Show 86: August 29, 2012

Pronk Pops Show 85: August 2, 2012

Listen To Pronk Pops Podcast or Download Shows 88-89

Listen To Pronk Pops Podcast or Download Shows 84-87

Listen To Pronk Pops Podcast or Download Shows 79-83

Listen To Pronk Pops Podcast or Download Shows 74-78

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 17-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 01-09

Segment 1, Where are the jobs? Obama’s 10,000,000 Jobs Gap!–Videos

More Americans are unemployed today than when President Obama took office in Jan. 2009.  Millions of Americans have become “discouraged workers” and have temporarily left the labor force because they have not been able to find a job. This is reflected in the labor force participation rate which has fallen from its normal range of between 66 and 67 percent to a 39-year low of 63.6 percent. The labor force has been shrinking.

In 1984 fast-food chain Wendy’s launched a television commercial campaign featuring a grandmother, Clara Peller, asking the question, “Where’s the Beef?” Today the American people are asking Obama the question, “Where’re the jobs?” Ironically, the answer to this question for many Americans is a low paid part-time job at a fast-food restaurant.

The American people hoped for change in 2008. They voted for Barack Obama expecting that millions on new jobs would be created and the unemployment rates would decline to under 5.5 percent. Under Obama’s leadership, the Democratic controlled Congress quickly passed the American Recovery and Reinvestment Act of 2009 (ARRA) in February 2009. The primary goal of ARRA was saving and creating jobs. However, the stimulus package will also add over $833 billion to the deficit over the period 2009 through 2019, according to the latest Congressional Budget Office’s (CBO) report of Aug. 23, 2012.

The stimulus package was also supposed to keep the official U-3 unemployment rate under 8 percent and by Oct. 2012 should have reduced the unemployment rate to 5.5 percent or less. The stimulus package failed to achieve these goals. For the first 43 months of the Obama administration, the official U-3 unemployment rate published monthly by the Bureau of Labor Statistics (BLS) has been at or above 8 percent. Only this Sept. did the unemployment rate finally fall below 8 percent for the first time since Jan. 2009.

Official U-3 and Total U-6 Unemployment Rates

                       

Credit: Department of Labor, Bureau of Labor Statistics, and shadowstats.com

When Obama began his presidency, the BLS reported that the Jan. 2009 official U-3 unemployment rate stood at 7.8 percent and the total U-6 unemployment rate was 14.2 percent. For Sept. 2012 the BLS reported that the official U-3 unemployment rate was 7.8 percent and the total U-6 unemployment rate was 14.8 percent.

In Jan. 2009 the estimated number of employed Americans was 142,187,000, the estimated number of unemployed Americans was 12,049,000, the total civilian labor force was estimated to be 154,236,000 with a labor force participation rate of 65.7 percent. In Sept. 2012 the estimated number of employed Americans was 142,974,000, the estimate number of unemployed Americans was 12,088,000, the total estimated civilian labor force was 155,063,000 with a labor force participation rate of 63.6 percent.

Just to keep up with population growth which results in new entrants into the labor force every day, the U.S. economy must create between 130,000 and 140,000 new jobs each month, according to Commissioner Keith Hall of the BLS. From February 2009 through Sept. 2012 the U.S. economy needed to create about 6 million new jobs for high school and college dropouts and graduates as they enter the labor force searching for their first job.

In addition, to reduce the unemployment rate by just .1 percent each month, the U.S. economy needed to create between 150,000 and 160,000 jobs per month. In order to reduce the unemployment rate from 7.8 percent in Jan. 2009 to 5.5 percent in Sept. 2012, the U.S. economy needed to create about 4 million new jobs. In total approximately 300,000 new jobs per month needed to be created from Jan. 2009 through Sept. 2012 to keep up with population growth and reduce the unemployment rate by .1 percent per month.  In total about 10 million jobs needed to be created from the day Obama took office in Jan. 2009 until the end of Sept. 2012. Obama’s jobs gap is approximately 10 million.

Yet Obama insists that his stimulus package worked and has saved and created millions of new jobs. Under Bush the number of employed Americans peaked at 146,595,000 in Nov. 2007. The Great Recession began in Dec. 2007 and ended in June 2009, according to the National Bureau of Economic Research’s business cycle dating committee. However, the employment level did not hit bottom until Dec. 2009 when it was 137,968,000. Hence the Obama and Democratic Party claim that their economic policies are responsible for the creation of more than 5 million new jobs from the end of Dec. 2009 through the end of Sept. 2012.

Obama repeatedly blames the Bush administration’s economic policies for the Great Recession of 2007-2009. Did the so-called “Bush tax cuts” really fail? Is the Republican Party responsible for the Great Recession that Obama inherited?

In response to the terrorist attacks of Sept. 11, 2001 that put the U.S. economy into a recession in 2002, the Bush administration and Republican controlled Congress cut the marginal tax rates for nearly all Americans. The “Bush tax cuts” were passed into law by the Economic Growth and Tax Relief Reconciliation Act of 2001(EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA). The “Bush tax cuts” or lower marginal tax rates are scheduled to expire on Dec. 31, 2012. Obama and the Democratic Party want to increase the marginal tax rates from 35 percent to 39.9 percent for the top 2 percent of all personal income taxpayers. Romney and the Republican Party want to make the Bush tax cuts or marginal tax rates permanent for all taxpayers. Romney points out that most small business owners file as individuals not as corporations. Furthermore, successful small business owners, that create the majority of all new jobs, are heavily represented in the top 2 of all personal income taxpayers. The last thing you should do is increase the tax rates on the job creators to pay for more government spending or to reduce the deficit.

From Jan. 2002 through Jan. 2009 the official U-3 unemployment ranged from a low of 4.4 percent to a high of 7.8 percent and the total U-6 unemployment rate ranged from a low of 7.9 percent to a high of 14.2 percent. Contrary to Obama’s often repeated statement that the “Bush tax cuts” or economic policies failed, they manifestly did not, if you actually look at the BLS unemployment statistics.

In the 2006 Nov. election the American people voted to give the Democratic Party control of both the House of Representatives and Senate. All tax and spending bills must originate in the House. From Jan. 2007 through Jan. 2011, Congress was controlled by the Democratic Party.

Starting with the Fiscal Year 2008 budget that resulted in a deficit of $459 billion, the Democratic Party went on a spending binge resulting in massive budgets deficits. It took Bush eight years to rack up budget deficits totaling nearly $4.9 trillion which were financed by adding to the national debt. In just four years Obama and the Democratic Party have exceed all expectations with budget deficits greater than $1 trillion every year Obama has been in office. This deficit spending has added more than $5.1 trillion to the national debt. In just 12 years, two presidents and their respective political allies in Congress have spent over $10 trillion beyond the means of the American people. This burdens both today’s taxpayers as well as future generations.

Out of control federal government spending by both political parties is responsible for the persistently high unemployment rates and Obama’s jobs gap. Most new jobs are created by small businesses, especially new small businesses. Business owners dislike uncertainty regarding the cost of doing business. Today, business owners find it difficult to estimate their future tax liabilities, energy and health care insurance plan costs. Also, the U.S. economy appears to be entering into another recession as the growth in real Gross Domestic Product slowed from an annual rate of 4 percent in the fourth quarter of 2011 to an annual rate of 1.3 percent in the second quarter of 2012. This adds more uncertainty as business owners find it difficult to estimate demand for their goods and services and future sales revenue.

Romney is running a television campaign promising to create 12 million new jobs in the next four years if he is elected president. Obama claims his economic policies have resulted in the creation of more than 5 million new jobs. Unfortunately for Obama, he has failed to close his 10 million jobs gap. On Election Day, Tuesday, Nov. 6, the American people will be answering the question, “Where’re the jobs?”

Describing “Shadow Government Statistics” — John Williams

Unemployment Rate Falls to 7.8% on New Jobs Report

BREAKING: U.S. Adds 114,000 Jobs, Unemployment Rate Drops to 7.8

October 5th 2012 CNBC Stock Market Squawk Box (September Jobs Report)

Today’s report includes a surprise drop in the unemployment rate-but it is statistically questionable. Payroll numbers continued modest improvement. The unemployment rate unexpectedly dropped to 7.8 percent, following a decline to 8.1 percent in August. Payroll jobs in September gained about as expected with a modest 114,000 increase, following an rise in August of 142,000 (originally up 96,000) and an increase of 181,000 in July (previous estimate of 141,000). The net revisions for July and August were up 86,000. Market expectations were for a 113,000 boost for September.

Private payrolls advanced 104,000 in September after increasing 97,000 the month before. The consensus projected a 130,000 increase.

Wage inflation has been volatile and the latest number was on the up side. Average hourly earnings growth improved to 0.3 percent in September, following no change in August. Analysts forecast a 0.2 percent rise. The average workweek nudged up to 34.5 hours in September from 34.4 hours in August. Expectations were for 34.4 hours.

Turning to the household survey, the unemployment rate drop reflected an 873,000 spike in household employment versus a 368,000 drop in August. The labor force rebounded 418,000 after a 368,000 decrease in August. The household survey is much smaller than the payroll survey and is more volatile

September Unemployment Falls to 7.8%

Jack Welch Hardball w/Chris Matthews 10/5/12

Jack Welch, the lionized former chairman of General Electric Co, provoked cries of outrage in Washington on Friday when he appeared to accuse the White House of manipulating September job figures for political gains.
White House officials dismissed as “ludicrous” a tweet Welch sent to his more than 1.3 million followers that suggested U.S. President Barack Obama’s administration rigged the data as a way of recovering from a poor Wednesday night showing in a debate against Mitt Romney, his Republican challenger for the White House.

“Unbelievable jobs numbers..these Chicago guys will do anything..can’t debate so change numbers,” Welch said in a posting on Twitter, apparently referring to Obama, who formerly served as a senator from Illinois.

The tweet was repeated more than 2,000 times, with many mocking posts comparing Welch to New York real estate tycoon Donald Trump – who during his failed bid for the presidency loudly argued that Obama was not born in the United States – and Clint Eastwood, who gave a widely panned speech to an empty chair at the Republican National Convention in August.
Officials in Washington quickly dismissed the idea that the Labor Department report – which showed U.S. unemployment falling to a four-year low of 7.8 percent – could be rigged.
“That’s a ludicrous comment. No serious person believes that the bureau of labor statistics manipulates its statistics,” said Alan Krueger, chairman of the White House Council of Economic Advisers. “The jobs report and all of their other statistics are prepared by career employees. They use the same process every month. They use the same process for Republican and Democratic administrations.”

The tweet was by no means Welch’s first criticism of Obama on his Twitter feed, where he has regularly spoken out in favor of Romney, as well as weighing in on sports. During the presidential debate in Denver, Colorado, on Wednesday night, Welch tweeted: “HOW can anyone vote for Obama after this performance..he has demonstrated his incompetence.”

Word of the Day: Unemployment (U3 and U6)

FACT CHECK: LABOR SECRETARY SOLIS MISLEADS ON JOBS REVISIONS

The AFL-CIO Reacts to the September BLS Jobs Report

Employment Level

142,974,000

Series Id: LNS12000000
Seasonally Adjusted
Series title: (Seas) Employment Level
Labor force status: Employed
Type of data: Number in thousands
Age: 16 years and over

Employment Level

Employment Level

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 136559(1) 136598 136701 137270 136630 136940 136531 136662 136893 137088 137322 137614
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125
2005 140245(1) 140385 140654 141254 141609 141714 142026 142434 142401 142548 142499 142752
2006 143150(1) 143457 143741 143761 144089 144353 144202 144625 144815 145314 145534 145970
2007 146028(1) 146057 146320 145586 145903 146063 145905 145682 146244 145946 146595 146273
2008 146397(1) 146157 146108 146130 145929 145738 145530 145196 145059 144792 144078 143328
2009 142187(1) 141660 140754 140654 140294 140003 139891 139458 138775 138401 138607 137968
2010 138500(1) 138665 138836 139306 139340 139137 139139 139338 139344 139072 138937 139220
2011 139330(1) 139551 139764 139628 139808 139385 139450 139754 140107 140297 140614 140790
2012 141637(1) 142065 142034 141865 142287 142415 142220 142101 142974
1 : Data affected by changes in population controls.

Civilian Labor Force

155,063,000

Series Id: LNS11000000
Seasonally Adjusted
Series title: (Seas) Civilian Labor Force Level
Labor force status: Civilian labor force
Type of data: Number in thousands
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030
2006 150214(1) 150641 150813 150881 151069 151354 151377 151716 151662 152041 152406 152732
2007 153144(1) 152983 153051 152435 152670 153041 153054 152749 153414 153183 153835 153918
2008 154075(1) 153648 153925 153761 154325 154316 154480 154646 154559 154875 154622 154626
2009 154236(1) 154521 154143 154450 154800 154730 154538 154319 153786 153822 153833 153091
2010 153454(1) 153704 153964 154528 154216 153653 153748 154073 153918 153709 154041 153613
2011 153250(1) 153302 153392 153420 153700 153409 153358 153674 154004 154057 153937 153887
2012 154395(1) 154871 154707 154365 155007 155163 155013 154645 155063
1 : Data affected by changes in population controls.

Labor Force Participation Rate

63.6%

Series Id: LNS11300000
Seasonally Adjusted
Series title: (Seas) Labor Force Participation Rate
Labor force status: Civilian labor force participation rate
Type of data: Percent or rate
Age: 16 years and over

Labor Force Participation Rate

Labor Force Participation Rate

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 67.3 67.3 67.3 67.3 67.1 67.1 66.9 66.9 66.9 66.8 66.9 67.0
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4
2007 66.4 66.3 66.2 65.9 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0
2008 66.2 66.0 66.1 65.9 66.1 66.1 66.1 66.1 65.9 66.0 65.8 65.8
2009 65.7 65.8 65.6 65.6 65.7 65.7 65.5 65.4 65.1 65.0 65.0 64.6
2010 64.8 64.9 64.9 65.1 64.9 64.6 64.6 64.7 64.6 64.4 64.5 64.3
2011 64.2 64.2 64.2 64.2 64.2 64.1 64.0 64.1 64.1 64.1 64.0 64.0
2012 63.7 63.9 63.8 63.6 63.8 63.8 63.7 63.5 63.6

Unemployment Level

12,088,000

Series Id: LNS13000000
Seasonally Adjusted
Series title: (Seas) Unemployment Level
Labor force status: Unemployed
Type of data: Number in thousands
Age: 16 years and over

Unemployment Level

Unemployment Level

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 5708 5858 5733 5481 5758 5651 5747 5853 5625 5534 5639 5634
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279
2006 7064 7184 7072 7120 6980 7001 7175 7091 6847 6727 6872 6762
2007 7116 6927 6731 6850 6766 6979 7149 7067 7170 7237 7240 7645
2008 7678 7491 7816 7631 8395 8578 8950 9450 9501 10083 10544 11299
2009 12049 12860 13389 13796 14505 14727 14646 14861 15012 15421 15227 15124
2010 14953 15039 15128 15221 14876 14517 14609 14735 14574 14636 15104 14393
2011 13919 13751 13628 13792 13892 14024 13908 13920 13897 13759 13323 13097
2012 12758 12806 12673 12500 12720 12749 12794 12544 12088

Unemployment Rate U-3

7.8%

Series Id: LNS14000000
Seasonally Adjusted
Series title: (Seas) Unemployment Rate
Labor force status: Unemployment rate
Type of data: Percent or rate
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3
2009 7.8 8.3 8.7 8.9 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.7 9.8 9.8 9.9 9.6 9.4 9.5 9.6 9.5 9.5 9.8 9.4
2011 9.1 9.0 8.9 9.0 9.0 9.1 9.1 9.1 9.0 8.9 8.7 8.5
2012 8.3 8.3 8.2 8.1 8.2 8.2 8.3 8.1 7.8

Unemployment Rate U-6

14.7%

Series Id:           LNS13327709 

Seasonally Adjusted 
Series title:        (seas) Total unemployed, plus all marginally attached workers 
                      plus total employed part time for economic reasons, as a percent of all civilian labor force
                      plus all marginally attached workers 
Labor force status:  Aggregated totals unemployed 
Type of data:        Percent or rate 
Age:                 16 years and over 
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force 
                     plus marg attached

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 7.9
2007 8.4 8.2 8.0 8.2 8.2 8.3 8.4 8.4 8.4 8.4 8.4 8.8
2008 9.2 9.0 9.1 9.2 9.7 10.1 10.5 10.8 11.1 11.8 12.7 13.5
2009 14.2 15.1 15.7 15.8 16.4 16.5 16.5 16.7 16.8 17.2 17.1 17.1
2010 16.7 16.9 16.9 17.0 16.6 16.5 16.5 16.6 16.9 16.8 16.9 16.6
2011 16.1 15.9 15.7 15.9 15.8 16.2 16.1 16.2 16.4 16.0 15.6 15.2
2012 15.1 14.9 14.5 14.5 14.8 14.9 15.0 14.7 14.7

Background Articles and Videos

Employment Situation Summary

Transmission of material in this release is embargoed                   USDL-12-1981
until 8:30 a.m. (EDT) Friday, October 5, 2012

Technical information:
 Household data:       (202) 691-6378  *  cpsinfo@bls.gov  *  www.bls.gov/cps
 Establishment data:   (202) 691-6555  *  cesinfo@bls.gov  *  www.bls.gov/ces

Media contact:         (202) 691-5902  *  PressOffice@bls.gov

                    THE EMPLOYMENT SITUATION -- SEPTEMBER 2012

The unemployment rate decreased to 7.8 percent in September, and total nonfarm 
payroll employment rose by 114,000, the U.S. Bureau of Labor Statistics reported 
today. Employment increased in health care and in transportation and warehousing 
but changed little in most other major industries.

Household Survey Data

The unemployment rate declined by 0.3 percentage point to 7.8 percent in September. 
For the first 8 months of the year, the rate held within a narrow range of 8.1 
and 8.3 percent. The number of unemployed persons, at 12.1 million, decreased by 
456,000 in September. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (7.3 percent), 
adult women (7.0 percent), and whites (7.0 percent) declined over the month. 
The unemployment rates for teenagers (23.7 percent), blacks (13.4 percent), and 
Hispanics (9.9 percent) were little changed. The jobless rate for Asians, at 
4.8 percent (not seasonally adjusted), fell over the year. (See tables A-1, A-2, 
and A-3.)

In September, the number of job losers and persons who completed temporary jobs 
decreased by 468,000 to 6.5 million. (See table A-11.)

The number of persons unemployed for less than 5 weeks declined by 302,000 over 
the month to 2.5 million. The number of long-term unemployed (those jobless for 
27 weeks or more) was little changed at 4.8 million and accounted for 40.1 
percent of the unemployed. (See table A-12.)

Total employment rose by 873,000 in September, following 3 months of little 
change. The employment-population ratio increased by 0.4 percentage point to 
58.7 percent, after edging down in the prior 2 months. The overall trend in 
the employment-population ratio for this year has been flat. The civilian labor 
force rose by 418,000 to 155.1 million in September, while the labor force 
participation rate was little changed at 63.6 percent. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes 
referred to as involuntary part-time workers) rose from 8.0 million in August 
to 8.6 million in September. These individuals were working part time because 
their hours had been cut back or because they were unable to find a full-time 
job. (See table A-8.)

In September, 2.5 million persons were marginally attached to the labor force, 
essentially unchanged from a year earlier. (These data are not seasonally 
adjusted.) These individuals were not in the labor force, wanted and were 
available for work, and had looked for a job sometime in the prior 12 months. 
They were not counted as unemployed because they had not searched for work 
in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 802,000 discouraged workers in 
September, a decline of 235,000 from a year earlier. (These data are not 
seasonally adjusted.) Discouraged workers are persons not currently looking 
for work because they believe no jobs are available for them. The remaining 
1.7 million persons marginally attached to the labor force in September had 
not searched for work in the 4 weeks preceding the survey for reasons such 
as school attendance or family responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment increased by 114,000 in September. In 2012, 
employment growth has averaged 146,000 per month, compared with an average 
monthly gain of 153,000 in 2011. In September, employment rose in health care 
and in transportation and warehousing. (See table B-1.)

Health care added 44,000 jobs in September. Job gains continued in ambulatory 
health care services (+30,000) and hospitals (+8,000). Over the past year, 
employment in health care has risen by 295,000.

In September, employment increased by 17,000 in transportation and warehousing. 
Within the industry, there were job gains in transit and ground passenger 
transportation (+9,000) and in warehousing and storage (+4,000).

Employment in financial activities edged up in September (+13,000), reflecting 
modest job growth in credit intermediation (+6,000) and real estate (+7,000).

Manufacturing employment edged down in September (-16,000). On net, manufacturing 
employment has been unchanged since April. In September, job losses occurred 
in computer and electronic products (-6,000) and in printing and related 
activities (-3,000).

Employment in other major industries, including mining and logging, construction, 
wholesale trade, retail trade, information, professional and business services, 
leisure and hospitality, and government, showed little change over the month.

The average workweek for all employees on private nonfarm payrolls edged up by 
0.1 hour to 34.5 hours in September. The manufacturing workweek edged up by 
0.1 hour to 40.6 hours, and factory overtime was unchanged at 3.2 hours. 
The average workweek for production and nonsupervisory employees on private 
nonfarm payrolls was unchanged at 33.7 hours. (See tables B-2 and B-7.)

In September, average hourly earnings for all employees on private nonfarm 
payrolls rose by 7 cents to $23.58. Over the past 12 months, average hourly 
earnings have risen by 1.8 percent. In September, average hourly earnings of 
private-sector production and nonsupervisory employees increased by 5 cents 
to $19.81. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for July was revised from 
+141,000 to +181,000, and the change for August was revised from +96,000 to 
+142,000.

____________
The Employment Situation for October is scheduled to be released on
Friday, November 2, 2012, at 8:30 a.m. (EDT).
http://www.bls.gov/news.release/empsit.nr0.htmEmployment Situation Summary Table A. Household data, seasonally adjusted

[Numbers in thousands]

HOUSEHOLD DATA Summary table A. Household data, seasonally adjusted
Category Sept. 2011 July 2012 Aug. 2012 Sept. 2012 Change from: Aug. 2012- Sept. 2012
Employment status
Civilian noninstitutional population 240,071 243,354 243,566 243,772 206
Civilian labor force 154,004 155,013 154,645 155,063 418
Participation rate 64.1 63.7 63.5 63.6 0.1
Employed 140,107 142,220 142,101 142,974 873
Employment-population ratio 58.4 58.4 58.3 58.7 0.4
Unemployed 13,897 12,794 12,544 12,088 -456
Unemployment rate 9.0 8.3 8.1 7.8 -0.3
Not in labor force 86,067 88,340 88,921 88,710 -211
Unemployment rates
Total, 16 years and over 9.0 8.3 8.1 7.8 -0.3
Adult men (20 years and over) 8.7 7.7 7.6 7.3 -0.3
Adult women (20 years and over) 8.1 7.5 7.3 7.0 -0.3
Teenagers (16 to 19 years) 24.5 23.8 24.6 23.7 -0.9
White 7.9 7.4 7.2 7.0 -0.2
Black or African American 15.9 14.1 14.1 13.4 -0.7
Asian (not seasonally adjusted) 7.8 6.2 5.9 4.8
Hispanic or Latino ethnicity 11.3 10.3 10.2 9.9 -0.3
Total, 25 years and over 7.7 6.9 6.8 6.6 -0.2
Less than a high school diploma 13.9 12.7 12.0 11.3 -0.7
High school graduates, no college 9.6 8.7 8.8 8.7 -0.1
Some college or associate degree 8.4 7.1 6.6 6.5 -0.1
Bachelor’s degree and higher 4.2 4.1 4.1 4.1 0.0
Reason for unemployment
Job losers and persons who completed temporary jobs 8,028 7,123 7,003 6,535 -468
Job leavers 972 878 942 957 15
Reentrants 3,484 3,380 3,318 3,306 -12
New entrants 1,323 1,311 1,277 1,247 -30
Duration of unemployment
Less than 5 weeks 2,743 2,711 2,844 2,542 -302
5 to 14 weeks 2,902 3,092 2,868 2,826 -42
15 to 26 weeks 2,029 1,760 1,845 1,860 15
27 weeks and over 6,197 5,185 5,033 4,844 -189
Employed persons at work part time
Part time for economic reasons 9,270 8,246 8,031 8,613 582
Slack work or business conditions 5,900 5,342 5,217 5,523 306
Could only find part-time work 2,844 2,576 2,507 2,572 65
Part time for noneconomic reasons 18,329 18,866 18,996 18,736 -260
Persons not in the labor force (not seasonally adjusted)
Marginally attached to the labor force 2,511 2,529 2,561 2,517
Discouraged workers 1,037 852 844 802
– Over-the-month changes are not displayed for not seasonally adjusted data. NOTE: Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Detail for the seasonally adjusted data shown in this table will not necessarily add to totals because of the independent seasonal adjustment of the various series. Updated population controls are introduced annually with the release of January data.

Employment Situation Summary Table B. Establishment data, seasonally adjusted

ESTABLISHMENT DATA Summary table B. Establishment data, seasonally adjusted
Category Sept. 2011 July 2012 Aug. 2012(p) Sept. 2012(p)
EMPLOYMENT BY SELECTED INDUSTRY (Over-the-month change, in thousands)
Total nonfarm 202 181 142 114
Total private 216 163 97 104
Goods-producing 33 20 -22 -10
Mining and logging 6 -1 -1 1
Construction 30 3 1 5
Manufacturing -3 18 -22 -16
Durable goods(1) 4 18 -20 -13
Motor vehicles and parts 2.9 12.8 -6.9 -3.4
Nondurable goods -7 0 -2 -3
Private service-providing(1) 183 143 119 114
Wholesale trade -3.0 8.8 7.0 -1.6
Retail trade 14.2 3.2 8.3 9.4
Transportation and warehousing 1.8 14.2 7.7 17.1
Information 34 8 1 -6
Financial activities -6 1 7 13
Professional and business services(1) 59 41 19 13
Temporary help services 23.7 13.0 0.1 -2.0
Education and health services(1) 58 40 25 49
Health care and social assistance 47.5 27.7 22.2 44.5
Leisure and hospitality 20 24 38 11
Other services 3 9 -2 9
Government -14 18 45 10
WOMEN AND PRODUCTION AND NONSUPERVISORY EMPLOYEES(2) AS A PERCENT OF ALL EMPLOYEES
Total nonfarm women employees 49.4 49.3 49.3 49.3
Total private women employees 47.9 47.8 47.8 47.8
Total private production and nonsupervisory employees 82.5 82.6 82.6 82.6
HOURS AND EARNINGS ALL EMPLOYEES
Total private
Average weekly hours 34.4 34.4 34.4 34.5
Average hourly earnings $23.16 $23.52 $23.51 $23.58
Average weekly earnings $796.70 $809.09 $808.74 $813.51
Index of aggregate weekly hours (2007=100)(3) 94.5 95.9 96.0 96.4
Over-the-month percent change 0.4 -0.2 0.1 0.4
Index of aggregate weekly payrolls (2007=100)(4) 104.4 107.6 107.7 108.4
Over-the-month percent change 0.7 -0.1 0.1 0.6
HOURS AND EARNINGS PRODUCTION AND NONSUPERVISORY EMPLOYEES
Total private
Average weekly hours 33.6 33.7 33.7 33.7
Average hourly earnings $19.53 $19.77 $19.76 $19.81
Average weekly earnings $656.21 $666.25 $665.91 $667.60
Index of aggregate weekly hours (2002=100)(3) 101.5 103.5 103.6 103.7
Over-the-month percent change 0.2 0.1 0.1 0.1
Index of aggregate weekly payrolls (2002=100)(4) 132.5 136.7 136.8 137.3
Over-the-month percent change 0.4 0.3 0.1 0.4
DIFFUSION INDEX(5) (Over 1-month span)
Total private (266 industries) 57.9 54.9 51.3 52.8
Manufacturing (81 industries) 53.7 48.8 38.9 39.5
Footnotes (1) Includes other industries, not shown separately. (2) Data relate to production employees in mining and logging and manufacturing, construction employees in construction, and nonsupervisory employees in the service-providing industries. (3) The indexes of aggregate weekly hours are calculated by dividing the current month’s estimates of aggregate hours by the corresponding annual average aggregate hours. (4) The indexes of aggregate weekly payrolls are calculated by dividing the current month’s estimates of aggregate weekly payrolls by the corresponding annual average aggregate weekly payrolls. (5) Figures are the percent of industries with employment increasing plus one-half of the industries with unchanged employment, where 50 percent indicates an equal balance between industries with increasing and decreasing employment. (p) Preliminary
NOTE: Data in this table have been corrected. For more information see http://www.bls.gov/bls/ceswomen_usps_correction.htm.
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Pronk Pops Show 89, October 22, 2012: Segment 0: The Compulsive Liar–Barack Obama–65 Outrageous Lies–Videos

Posted on October 25, 2012. Filed under: American History, Business, Economics, Education, Employment, Federal Government, Fiscal Policy, Foreign Policy, Government, Government Spending, History, Housing, Illegal Immigration, Immigration, Law, Media, Monetary Policy, Philosophy, Politics, Regulation, Security, Social Science, Technology, Videos | Tags: , , , , , , , , , , , , , , , |

Pronk Pops Show 89: October 22, 2012

Pronk Pops Show 88: October 7, 2012

Pronk Pops Show 87: September 7, 2012

Pronk Pops Show 86: August 29, 2012

Pronk Pops Show 85: August 2, 2012

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65 Outrageous Lies by President Obama

Body Language of Narcissistic and Psychopathic Abuser

The truth about “pathological liars”

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Pronk Pops Show 88, Segment 3: Ben Bernanke Creates More Digital Electronic Money (DEM) with Quantitative Easing 3–The Crime of The Century Continues Against The American People–The Not So Hidden Inflation Tax–Videos

Posted on October 6, 2012. Filed under: American History, Budgetary Policy, Business, Communications, Economics, Employment, Energy, Fiscal Policy, Government, Government Spending, Health Care, Health Care Insurance, History, Illegal Immigration, Immigration, Investments, Labor Economics, Law, Media, Monetary Policy, Philosophy, Politics, Tax Policy, Technology, Videos, Wisdom | Tags: , , , , |

Pronk Pops Show 88: October 7, 2012

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Segment 3: Ben Bernanke Creates More Digital Electronic Money (DEM) with Quantitative Easing 3–The Crime of The Century Continues Against The American People–The Not So Hidden Inflation Tax–Videos

Fed Launches Third Attempt to Stimulate Economy

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Fed risks political fallout from QE3

By Robin Harding and James Politi in Washington

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The US Federal Reserve was always going to catch a few political bullets if it launched an aggressive new easing only eight weeks before a presidential election.

Mitt Romney, the Republican candidate, duly opened fire on Friday after the Fed began an open-ended third round of quantitative easing (QE3), under which it will buy $40bn of mortgage-backed securities a month.

In some of the most aggressive comments he has made on the Fed, Mr Romney said QE3 was nothing but a “sugar high”, and would fail to get the economy moving.

“Recognise that, as the Federal Reserve keeps on trying to stimulate the economy by printing more money, that there’s a cost to that,” said Mr Romney in remarks at a fundraiser.

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/b7de9070-fe77-11e1-8028-00144feabdc0.html#ixzz26f7jO8MB

The US Federal Reserve was always going to catch a few political bullets if it launched an aggressive new easing only eight weeks before a presidential election.

Mitt Romney, the Republican candidate, duly opened fire on Friday after the Fed began an open-ended third round of quantitative easing (QE3), under which it will buy $40bn of mortgage-backed securities a month.

In some of the most aggressive comments he has made on the Fed, Mr Romney said QE3 was nothing but a “sugar high”, and would fail to get the economy moving.

“Recognise that, as the Federal Reserve keeps on trying to stimulate the economy by printing more money, that there’s a cost to that,” said Mr Romney in remarks at a fundraiser.

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Some conservative economists think the Fed is over-interpreting the employment side of the dual mandate – and by lowering interest rates and making it easier for the US to finance debt in the bond markets, this removes the pressure from Congress to strike a deal on deficit reduction.

The most visible effort to clip the Fed’s wings is a bill introduced in the House of Representatives by Kevin Brady, a Republican from Texas, who is vice-chair of the Joint Economic Committee of Congress. His bill would limit the central bank’s mandate to inflation, not employment, and restrict its monetary policy operations to short-term Treasury securities.

Were his bill now law, Mr Brady told the Financial Times, “the Fed would not be able to embark on this third round of quantitative easing”. He said the bill had taken off faster than he had hoped and already had 48 co-sponsors in Congress. “Everyone, whether they agree or not, believes it is the right time to have this discussion.”

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But while Mr Romney has criticised QE3, it would be a huge leap to eliminate the employment mandate once in office. “I think you can do a lot without changes to the Federal Reserve Act,” says Prof Swagel. “Romney will probably look to appoint the next Fed chair as someone who is aligned with his views.”

That is the most realistic political consequence of the Fed’s actions: that when Mr Bernanke’s term expires at the end of January 2014, a new chairman is appointed who opposes them.

Once settled in the White House, however, even Mr Romney would have to consider whether a tight monetary policy was actually in his interest, given that re-election would probably depend on delivering strong economic growth.

Whether QE3 has any lasting political consequences for the Fed will probably depend on how well it works. “It puts critics of the Fed in a difficult position,” said John Makin, a resident scholar at the American Enterprise Institute in Washington, who called the programme of open-ended easing a “bold experiment”.

The Fed is trying to bring down high unemployment and, while the experiment is in progress, critics will struggle to make headway. If the experiment fails, however, and inflation rises sharply before unemployment comes down, the Fed may find itself hard-pressed to resist the proposals of Mr Brady and his colleagues. …”

http://www.ft.com/cms/s/0/b7de9070-fe77-11e1-8028-00144feabdc0.html#axzz26f3NWTyR

Marc Faber: If I Were Bernanke, I Would Resign

By: Shai Ahmed CNBC Associate Editor

“…Central bankers are “counterfeit money printers” and Federal Reserve Chairman Ben Bernanke should resign for messing up the U.S. economy so badly, Marc Faber, author of the Gloom, Doom and Boom, told CNBC on Friday.

He said Bernanke was one of the main proponents of an ultra-expansionist economic monetary policy that was to blame for the latest financial crisis.

“If I had messed up as badly as Bernanke I would for sure resign. The mandate of the Fed to boost asset prices and thereby create wealth is ludicrous — it doesn’t work that way. It’s a temporary boost followed by a crash,” Faber said.

Faber, who rose to prominence after predicting the 1987 financial crash report and dubbed “Dr Doom” for his negative predictions, said: “This unlimited QE (quantitative easing) , buying mortgage-backed securities (MBS) and continuing operation twist has the implication of simply having asset prices go up and the money flows down to the Mayfair economy,” Faber said.

A Mayfair economy is one which benefits the wealthier and better off in society. Faber said this latest round of QE would not help the “man on the street”.

“QE helps rich people whose asset prices go up and whose net worth then increases but it doesn’t flow to the man on the street who is faced with higher costs of living with price rises. You just have a small economy that is booming but the majority of the economy is damaged by QE,” he said.

Bernanke announced on Thursday that the Fed would buy $40 billion a month in MBS, giving the impression that this time around there would be no time limit to the program, which would only stop once a sustained uptick in employment is visible.

“The money printers are responsible for this crisis. If we continue with this expansionist monetary policy we won’t be facing a fiscal cliff it will be a fiscal grand canyon,” he added.

Mike Konczal, fellow at the Roosevelt Institute disagreed claiming that this latest round of QE — aggressive as it was — would expand the scope of Federal Reserve policy and was “great for main street”. Crucially, he said, it tackles the issue of employment which would underpin future wealth.

“If anything, monetary policy has been too tight in recent years. We’ve seen a collapse in GDP growth, no wage growth and huge rises in unemployment. Wealth is collapsing because of a collapse in the housing market and prolonged, mass unemployment ,” Konczal said.

Faber poured scorn on the notion that QE helps the economy, declaring that commentators like Konczal would have said the same in 2001 when low interest rates led to the biggest housing bubble in the United States. That in turn led to the financial crisis of 2008.

“If we have an economic crisis in the Western world it’s because the government makes up 50 percent or more of the economy. This is a cancer that is taking away people’s freedom,” he said.

http://www.cnbc.com/id/49029923

Helicopter Bernanke’s economy influx of money will rescue Obama, not you, here’s why

by Jim Picht

“…Federal Reserve Chairman Ben Bernanke’s decision to engage in a third round of “quantitative easing” (QE3) drew immediate celebration from Wall Street, but it was also met by a reduction in America’s credit rating. Ratings firm Egan-Jones reduced its rating of U.S. government debt from “AA” to “AA-,” claiming that the $40 billion-per-month money infusion announced by the Fed will badly hurt the economy.

Bernanke got his nickname, “Helicopter Ben,” for comments like this: “The U.S. government has a technology, called a printing press (or today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at no cost.”

He goes on to argue, in the words of Milton Friedman before him, that a “helicopter drop” of money might be made into the economy to avoid deflation.

That is, during a recession when there’s a threat of deflation, the government should just drop bales of money on the population to help prevent a depression.

The primary threat facing the economy right now isn’t deflation, and quantitative easing isn’t exactly a helicopter drop, but it is, in the words of critics, a sugar rush.

If the problem with our economy were simply insufficient aggregate demand, sugar would be nutritious food, but it’s not. Short term interest rates are already low, and the Fed risks pushing long-term rates low enough that people will simply start keeping their money under the mattress. Not only is the Fed’s monetization likely to be ineffective, it’s likely to result in economic stagnation.

The Fed is not producing “as many U.S. dollars as it wishes at no cost.” There is a very real cost. Our fiscal situation is a disaster, inflation is pressing onto the economy, and business costs are set to rise. This will have a negative impact on jobs, and real wages will decline. This open-ended quantitative easing will make the situation worse and worse.

If the Fed were to drop millions of carats of diamonds from helicopters, diamond rings would be found in cereal boxes, not jewelry stores. If the streets were paved with gold, gold would be as cheap as asphalt. If we continue to dump massive amounts of money into the economy, money will be worth less than the paper (or electrons) it’s printed on.

The stock market responded to QE3 with enthusiasm. A big reason for that is that this signals Bernanke’s determination to keep interest rates low (close to zero). With bond returns in the basement, investors have no place to go but stocks.

Sugar rushes always end in a crash. Everyone knows that QE3 is a stop-gap measure. Bernanke considers it necessary because President Obama’s economic policies aren’t working to break us out of a sluggish jobs market and the slowest recovery in memory.

But neither did QE1 and QE2. QE3 will fail.

Its purpose is to put money into the hands of lenders, then small businesses, but business owners realize that the bill on our current economic policies will be coming due sooner rather than later, and they’re not likely to run out and borrow money with the uncertainties of the Affordable Care Act, the debt ceiling, and tax hikes (only for the wealthy, but that, oddly enough, includes a lot of small businesses) looming ahead.

Eventually Bernanke or his successor will have to change course. The money supply will have to be reduced, interest rates will rise, and investors will flee from stocks into bonds. As the stock market declines, the fizzy, buoyant feeling from the wealth effect created by the rising market will go as flat as last week’s champagne. As you and other Americans see your wealth decline, you’ll cut back on major purchases, and the economy will take another body blow.

Bernanke is a very, very smart man, and he knows better than most of us what’s at stake here. Why, then, this economic bandaid? Cynics argue that he’s caved to pressure from Democrats like Senator Charles Schumer (D-NY) to give Obama enough breathing room for reelection.

Stagnation is fine in six months, but not before November.

That explanation is too dismissive of Bernanke, whose history gives plenty of evidence that he’s both honest and is reacting in a way he sees as correct. More likely, he sees economic disaster ahead, and he’s simply run out of tools he can use to stop it. Like anyone else in serious trouble and without options, he’s kicking the can down the road, hoping against hope that a miracle will come along before disaster strikes.

That this might help Obama and the Democrats is just a side effect, not the goal of the policy. Anyway, given the lack of success of QE1 and QE2, the policy may not give the Democrats as large a boost as they expect.

The truth is that both Obama and Bernanke are running out of options. A $16 trillion debt has left the federal government with no fiscal flexibility at all, and the Fed’s usual tools to manipulate money through interest rates are useless with those rates close to zero. QE3 isn’t a new hope for the economy; it’s a clear sign of desperation.

After the sugar rush wears off, then what? Bernanke will be left with nothing. That thought should give everyone in Washington pause. If they were rational, it might even prompt some serious thinking outside the current stimulus-QE-bailout box before that box turns into a prison, but the odds on that look worse by the day.

Read more: Helicopter Bernanke’s economy influx of money will rescue Obama, not you, here’s why | Washington Times Communities Follow us: @wtcommunities on Twitter

Read more: Helicopter Bernanke’s economy influx of money will rescue Obama, not you, here’s why | Washington Times Communities

Peter Schiff’s take on QE3: Operation Screw! The Fed goes All-In! (Got Operation Weimar FreeFall?)

The geniuses at the Federal Reserve have concocted a bold new plan to revive the U.S. economy — print a bunch of money, loan it to Americans at super low interest rates so they can speculate on rising real estate prices, extract the appreciated equity and spend it on consumer goods. In other words, build an economy of real estate, by real estate, and for real estate. The only problem is we’ve been there and done that. The last time it almost destroyed the U.S.economy. I guess almost isn’t quite good enough for the Fed, so now it’s determined to finish the job.

These actions will destroy Americans’ savings and hurt people on fixed incomes. To protect yourself, I recommend a strategy of foreign equities, commodities, and gold and silver. To buy gold and silver, contact my company Euro Pacific Precious Metals at 888-GOLD-160, or visit http://www.europacmetals.com. For your stock portfolio, contact my brokerage firm Euro Pacific Capital at 888-727-7922, or visit http://www.europac.net. …”

http://www.dailypaul.com/254886/peter-schiffs-take-on-qe3-operation-screw-the-fed-goes-all-in-how-about-operation-weimar-freefall

Background Articles and Videos

Quantitative Easing Explained

Ben Bernanke Press Conference and Comments on QE3

Money, Banking & The Federal Reserve

The Creature From Jekyll Island (by G. Edward Griffin)

97% Owned – Monetary Reform documentary – Directors Cut

The Money Masters ~ Full Movie

“…The powers of financial capitalism had a far-reaching plan, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole…Their secret is that they have annexed from governments, monarchies, and republics the power to create the world’s money…” THE MONEY MASTERS is a 3 1/2 hour non-fiction, historical documentary that traces the origins of the political power structure that rules our nation and the world today. The modern political power structure has its roots in the hidden manipulation and accumulation of gold and other forms of money. The development of fractional reserve banking practices in the 17th century brought to a cunning sophistication the secret techniques initially used by goldsmiths fraudulently to accumulate wealth. With the formation of the privately-owned Bank of England in 1694, the yoke of economic slavery to a privately-owned “central” bank was first forced upon the backs of an entire nation, not removed but only made heavier with the passing of the three centuries to our day. Nation after nation, including America, has fallen prey to this cabal of international central bankers. Segments: The Problem; The Money Changers; Roman Empire; The Goldsmiths of Medieval England; Tally Sticks; The Bank of England; The Rise of the Rothschilds; The American Revolution; The Bank of North America; The Constitutional Convention; First Bank of the U.S.; Napoleon’s Rise to Power; Death of the First Bank of the U.S. / War of 1812; Waterloo; Second Bank of the U.S.; Andrew Jackson; Fort Knox; World Central Bank …”

The Secret of Oz – Winner, Best Docu of 2010 v.1.09.11

This version finally cuts several bogus quotes which have festered in the monetary reform literature for decades.
The world economy is doomed to spiral downwards until we do 2 things: outlaw government borrowing; 2. outlaw fractional reserve lending. Banks should only be allowed to lend out money they actually have and nations do not have to run up a “National Debt”. Remember: It’s not what backs the money, it’s who controls its quantity.

The Ascent of Money: A Financial History of The World by Niall Ferguson Epsd. 1-5 (Full Documentary)

Bread, cash, dosh, dough, loot, lucre, moolah, readies, the wherewithal: Call it what you like, it matters. To Christians, love of it is the root of all evil. To generals, it’s the sinews of war. To revolutionaries, it’s the chains of labor. But in The Ascent of Money, Niall Ferguson shows that finance is in fact the foundation of human progress. What’s more, he reveals financial history as the essential backstory behind all history.

Through Ferguson’s expert lens familiar historical landmarks appear in a new and sharper financial focus. Suddenly, the civilization of the Renaissance looks very different: a boom in the market for art and architecture made possible when Italian bankers adopted Arabic mathematics. The rise of the Dutch republic is reinterpreted as the triumph of the world’s first modern bond market over insolvent Habsburg absolutism. And the origins of the French Revolution are traced back to a stock market bubble caused by a convicted Scot murderer.

With the clarity and verve for which he is known, Ferguson elucidates key financial institutions and concepts by showing where they came from. What is money? What do banks do? What’s the difference between a stock and a bond? Why buy insurance or real estate? And what exactly does a hedge fund do?

This is history for the present. Ferguson travels to post-Katrina New Orleans to ask why the free market can’t provide adequate protection against catastrophe. He delves into the origins of the subprime mortgage crisis.

Perhaps most important, The Ascent of Money documents how a new financial revolution is propelling the world’s biggest countries, India and China, from poverty to wealth in the space of a single generation—an economic transformation unprecedented in human history.

Yet the central lesson of the financial history is that sooner or later every bubble bursts—sooner or later the bearish sellers outnumber the bullish buyers, sooner or later greed flips into fear. And that’s why, whether you’re scraping by or rolling in it, there’s never been a better time to understand the ascent of money.

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Posted on October 6, 2012. Filed under: American History, Budgetary Policy, Business, College, Communications, Consitutional Law, Economics, Education, Employment, Federal Government, Fiscal Policy, Government, Government Spending, Health Care, Health Care Insurance, History, Illegal Immigration, Immigration, Law, Media, Philosophy, Politics, Polls, Radio, Regulation, Tax Policy, Technology, Videos, Wisdom | Tags: , , , , |

Pronk Pops Show 88: October 7, 2012

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Pronk Pops Show 84: July 25, 2012

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Segment 2: Obama’s 11 Million Jobs Gap And 43 Months of Above 8% Unemployment Rates–Recovery In 2020?–Videos

Recovery 2020! We’re Barely on Pace to Close the Jobs Gap This Decade

“…At this rate, we’ll close the jobs gap in roughly … eight years.

Eight years!?

Yep, that is the conclusion from Michael Greenstone and Adam Looney at the Hamilton Project. Today the country faces a 11 million-person jobs gap. This “jobs gap” represents the number of jobs that the U.S. economy needs to return to pre-recession employment rates while also (this part is key!) absorbing everybody joining the labor force.

It’s not just enough to make jobs for everybody seeking work this year. We also have to account for the millions of people joining the workforce over the next decade. Filling the jobs gap is like filling a bucket that gets deeper every minute. How much deeper? Greenstone and Looney balance an influx of immigrant workers against the retirement of the baby boomers and conclude that labor force is likely to expand at a slowing pace. Before the Great Recession, it was growing at about 130,000 people per month. In the next few years, it will slow to 90,000 a month, they project. …”

http://www.theatlantic.com/business/archive/2012/03/recovery-2020-were-barely-on-pace-to-close-the-jobs-gap-this-decade/254388/

CBS: “This Is The Worst Economic Recovery America Has Ever Had”

Vice Chairman Brady Questions BLS Commissioner at JEC Hearing on the Employment Situation

At a Joint Economic Committee Hearing on the Employment Situation, Representative Kevin Brady, Vice Chairman, questions Witness Dr. Keith Hall, Commissioner, Bureau of Labor Statistics about the effect of government spending on private sector job growth.

Vice Chairman Brady Questions Commissioner Hall about Labor Force Participation Rate at JEC Hearing

Background Articles and Videos

Rep. Brady Questions BLS Commissioner on the Need for Private Sector Job Growth

Rep. Brady questions BLS Commissioner Hall on the jump in the April unemployment rate at JEC hearing

Grim recovery outlook from BLS Comissioner Hall

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Posted on October 6, 2012. Filed under: American History, Budgetary Policy, Business, Coal, Coal, College, Communications, Computers, Economics, Education, Employment, Energy, Federal Government, Fiscal Policy, Foreign Policy, Government, Government Spending, History, Housing, Illegal Immigration, Immigration, Labor Economics, Media, Medicine, Monetary Policy, Natural Gas, Nuclear, Oil, Philosophy, Politics, Polls, Private Sector Unions, Resources, Security, Solar, Tax Policy, Unions, Videos, War, Wisdom | Tags: , , , , |

Pronk Pops Show 88: October 7, 2012

Pronk Pops Show 87: September 7, 2012

Pronk Pops Show 86: August 29, 2012

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Pronk Pops Show 84: July 25, 2012

Pronk Pops Show 83: July 18, 2012

Pronk Pops Show 82: July 11, 2012

Pronk Pops Show 81: July 8, 2012

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Segment 1: 2012 First Presidential Debate–Barack Obama vs. Mitt Romney–Denver, Colorado, October 3, 2012–Romney Clearly Won–Videos

2012 First Presidential Debate – Romney vs. Obama (Full)

First Presidential Debate Of 2012 Race pt.1

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Where Does Romney Go After Debate Success?

Post-Debate, Obama Under Fire for ‘Grim’ Demeanor

Romney Vs Obama Debate – MSNBC’s Priceless Reaction

“About As Devastating A Victory & Defeat As I’ve Seen In A Presidential Campaign” Rudy Giuliani

“Romney Was Spectacular” Media Bias In First Presidential Debate ??? Ann Coulter Weighs In

Frank Luntz’ Suspicious Presidential Debate Focus Group

First Presidential Debate of 2012: What did Mitt Romney Gain?

ABC World News Now: Presidential Debate 2012: Analysis by Rick Klein

Special Programming: Mitt Romney zingers at first presidential debate

We Can’t Afford Four More Years

Biden » Middle Class Buried by Barry

Ron Paul Gives His Pre-Presidential Debate Analysis @ CNBC (10-3-12)

Rand Paul “Governor Romney Didn’t Need Me Last Night… I’m Pretty Impressed With His Performance”

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Pronk Pops Show 88, October 7, 2012: Segment 0: Obama’s October Surprise–Loses Debate and Unbelievable Jobs Report–873,000 New Jobs As Total Unemployment Rate U-6 Remains Unchanged At 14.7% and Official Unemployment Rate U-3 Declines To 7.8%–Same Rate As When Obama Took Office–Video

Posted on October 6, 2012. Filed under: American History, Budgetary Policy, Business, Communications, Economics, Education, Employment, Federal Government, Fiscal Policy, Government, Government Spending, History, Illegal Immigration, Immigration, Investments, Law, Philosophy, Politics, Regulation, Success, Tax Policy, Technology, Videos, Wisdom | Tags: , , , , , , , , , , , , , |

Pronk Pops Show 88: October 7, 2012

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Segment 0: Obama’s October Surprise–Loses Debate and Unbelievable Jobs Report–873,000 New Jobs As Total Unemployment Rate U-6 Remains Unchanged At 14.7% and Official Unemployment Rate U-3 Declines To 7.8%–Same Rate As When Obama Took Office–Video

Describing “Shadow Government Statistics” — John Williams

Unemployment Rate Falls to 7.8% on New Jobs Report

BREAKING: U.S. Adds 114,000 Jobs, Unemployment Rate Drops to 7.8

October 5th 2012 CNBC Stock Market Squawk Box (September Jobs Report)

Today’s report includes a surprise drop in the unemployment rate-but it is statistically questionable. Payroll numbers continued modest improvement. The unemployment rate unexpectedly dropped to 7.8 percent, following a decline to 8.1 percent in August. Payroll jobs in September gained about as expected with a modest 114,000 increase, following an rise in August of 142,000 (originally up 96,000) and an increase of 181,000 in July (previous estimate of 141,000). The net revisions for July and August were up 86,000. Market expectations were for a 113,000 boost for September.

Private payrolls advanced 104,000 in September after increasing 97,000 the month before. The consensus projected a 130,000 increase.

Wage inflation has been volatile and the latest number was on the up side. Average hourly earnings growth improved to 0.3 percent in September, following no change in August. Analysts forecast a 0.2 percent rise. The average workweek nudged up to 34.5 hours in September from 34.4 hours in August. Expectations were for 34.4 hours.

Turning to the household survey, the unemployment rate drop reflected an 873,000 spike in household employment versus a 368,000 drop in August. The labor force rebounded 418,000 after a 368,000 decrease in August. The household survey is much smaller than the payroll survey and is more volatile

September Unemployment Falls to 7.8%

Jack Welch Hardball w/Chris Matthews 10/5/12

Jack Welch, the lionized former chairman of General Electric Co, provoked cries of outrage in Washington on Friday when he appeared to accuse the White House of manipulating September job figures for political gains.
White House officials dismissed as “ludicrous” a tweet Welch sent to his more than 1.3 million followers that suggested U.S. President Barack Obama’s administration rigged the data as a way of recovering from a poor Wednesday night showing in a debate against Mitt Romney, his Republican challenger for the White House.

“Unbelievable jobs numbers..these Chicago guys will do anything..can’t debate so change numbers,” Welch said in a posting on Twitter, apparently referring to Obama, who formerly served as a senator from Illinois.

The tweet was repeated more than 2,000 times, with many mocking posts comparing Welch to New York real estate tycoon Donald Trump – who during his failed bid for the presidency loudly argued that Obama was not born in the United States – and Clint Eastwood, who gave a widely panned speech to an empty chair at the Republican National Convention in August.
Officials in Washington quickly dismissed the idea that the Labor Department report – which showed U.S. unemployment falling to a four-year low of 7.8 percent – could be rigged.
“That’s a ludicrous comment. No serious person believes that the bureau of labor statistics manipulates its statistics,” said Alan Krueger, chairman of the White House Council of Economic Advisers. “The jobs report and all of their other statistics are prepared by career employees. They use the same process every month. They use the same process for Republican and Democratic administrations.”

The tweet was by no means Welch’s first criticism of Obama on his Twitter feed, where he has regularly spoken out in favor of Romney, as well as weighing in on sports. During the presidential debate in Denver, Colorado, on Wednesday night, Welch tweeted: “HOW can anyone vote for Obama after this performance..he has demonstrated his incompetence.”

Word of the Day: Unemployment (U3 and U6)

FACT CHECK: LABOR SECRETARY SOLIS MISLEADS ON JOBS REVISIONS

The AFL-CIO Reacts to the September BLS Jobs Report

Employment Level

142,974,000

Series Id: LNS12000000
Seasonally Adjusted
Series title: (Seas) Employment Level
Labor force status: Employed
Type of data: Number in thousands
Age: 16 years and over

Employment Level

Employment Level

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 136559(1) 136598 136701 137270 136630 136940 136531 136662 136893 137088 137322 137614
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125
2005 140245(1) 140385 140654 141254 141609 141714 142026 142434 142401 142548 142499 142752
2006 143150(1) 143457 143741 143761 144089 144353 144202 144625 144815 145314 145534 145970
2007 146028(1) 146057 146320 145586 145903 146063 145905 145682 146244 145946 146595 146273
2008 146397(1) 146157 146108 146130 145929 145738 145530 145196 145059 144792 144078 143328
2009 142187(1) 141660 140754 140654 140294 140003 139891 139458 138775 138401 138607 137968
2010 138500(1) 138665 138836 139306 139340 139137 139139 139338 139344 139072 138937 139220
2011 139330(1) 139551 139764 139628 139808 139385 139450 139754 140107 140297 140614 140790
2012 141637(1) 142065 142034 141865 142287 142415 142220 142101 142974
1 : Data affected by changes in population controls.

Civilian Labor Force

155,063,000

Series Id: LNS11000000
Seasonally Adjusted
Series title: (Seas) Civilian Labor Force Level
Labor force status: Civilian labor force
Type of data: Number in thousands
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030
2006 150214(1) 150641 150813 150881 151069 151354 151377 151716 151662 152041 152406 152732
2007 153144(1) 152983 153051 152435 152670 153041 153054 152749 153414 153183 153835 153918
2008 154075(1) 153648 153925 153761 154325 154316 154480 154646 154559 154875 154622 154626
2009 154236(1) 154521 154143 154450 154800 154730 154538 154319 153786 153822 153833 153091
2010 153454(1) 153704 153964 154528 154216 153653 153748 154073 153918 153709 154041 153613
2011 153250(1) 153302 153392 153420 153700 153409 153358 153674 154004 154057 153937 153887
2012 154395(1) 154871 154707 154365 155007 155163 155013 154645 155063
1 : Data affected by changes in population controls.

Labor Force Participation Rate

63.6%

Series Id: LNS11300000
Seasonally Adjusted
Series title: (Seas) Labor Force Participation Rate
Labor force status: Civilian labor force participation rate
Type of data: Percent or rate
Age: 16 years and over

Labor Force Participation Rate

Labor Force Participation Rate

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 67.3 67.3 67.3 67.3 67.1 67.1 66.9 66.9 66.9 66.8 66.9 67.0
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4
2007 66.4 66.3 66.2 65.9 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0
2008 66.2 66.0 66.1 65.9 66.1 66.1 66.1 66.1 65.9 66.0 65.8 65.8
2009 65.7 65.8 65.6 65.6 65.7 65.7 65.5 65.4 65.1 65.0 65.0 64.6
2010 64.8 64.9 64.9 65.1 64.9 64.6 64.6 64.7 64.6 64.4 64.5 64.3
2011 64.2 64.2 64.2 64.2 64.2 64.1 64.0 64.1 64.1 64.1 64.0 64.0
2012 63.7 63.9 63.8 63.6 63.8 63.8 63.7 63.5 63.6

Unemployment Level

12,088,000

Series Id: LNS13000000
Seasonally Adjusted
Series title: (Seas) Unemployment Level
Labor force status: Unemployed
Type of data: Number in thousands
Age: 16 years and over

Unemployment Level

Unemployment Level

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 5708 5858 5733 5481 5758 5651 5747 5853 5625 5534 5639 5634
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279
2006 7064 7184 7072 7120 6980 7001 7175 7091 6847 6727 6872 6762
2007 7116 6927 6731 6850 6766 6979 7149 7067 7170 7237 7240 7645
2008 7678 7491 7816 7631 8395 8578 8950 9450 9501 10083 10544 11299
2009 12049 12860 13389 13796 14505 14727 14646 14861 15012 15421 15227 15124
2010 14953 15039 15128 15221 14876 14517 14609 14735 14574 14636 15104 14393
2011 13919 13751 13628 13792 13892 14024 13908 13920 13897 13759 13323 13097
2012 12758 12806 12673 12500 12720 12749 12794 12544 12088

Unemployment Rate U-3

7.8%

Series Id: LNS14000000
Seasonally Adjusted
Series title: (Seas) Unemployment Rate
Labor force status: Unemployment rate
Type of data: Percent or rate
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3
2009 7.8 8.3 8.7 8.9 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.7 9.8 9.8 9.9 9.6 9.4 9.5 9.6 9.5 9.5 9.8 9.4
2011 9.1 9.0 8.9 9.0 9.0 9.1 9.1 9.1 9.0 8.9 8.7 8.5
2012 8.3 8.3 8.2 8.1 8.2 8.2 8.3 8.1 7.8

Unemployment Rate U-6

14.7%

Series Id:           LNS13327709 

Seasonally Adjusted 
Series title:        (seas) Total unemployed, plus all marginally attached workers 
                      plus total employed part time for economic reasons, as a percent of all civilian labor force
                      plus all marginally attached workers 
Labor force status:  Aggregated totals unemployed 
Type of data:        Percent or rate 
Age:                 16 years and over 
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force 
                     plus marg attached

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 7.9
2007 8.4 8.2 8.0 8.2 8.2 8.3 8.4 8.4 8.4 8.4 8.4 8.8
2008 9.2 9.0 9.1 9.2 9.7 10.1 10.5 10.8 11.1 11.8 12.7 13.5
2009 14.2 15.1 15.7 15.8 16.4 16.5 16.5 16.7 16.8 17.2 17.1 17.1
2010 16.7 16.9 16.9 17.0 16.6 16.5 16.5 16.6 16.9 16.8 16.9 16.6
2011 16.1 15.9 15.7 15.9 15.8 16.2 16.1 16.2 16.4 16.0 15.6 15.2
2012 15.1 14.9 14.5 14.5 14.8 14.9 15.0 14.7 14.7

Background Articles and Videos

Employment Situation Summary

Transmission of material in this release is embargoed                   USDL-12-1981
until 8:30 a.m. (EDT) Friday, October 5, 2012

Technical information:
 Household data:       (202) 691-6378  *  cpsinfo@bls.gov  *  www.bls.gov/cps
 Establishment data:   (202) 691-6555  *  cesinfo@bls.gov  *  www.bls.gov/ces

Media contact:         (202) 691-5902  *  PressOffice@bls.gov

                    THE EMPLOYMENT SITUATION -- SEPTEMBER 2012

The unemployment rate decreased to 7.8 percent in September, and total nonfarm 
payroll employment rose by 114,000, the U.S. Bureau of Labor Statistics reported 
today. Employment increased in health care and in transportation and warehousing 
but changed little in most other major industries.

Household Survey Data

The unemployment rate declined by 0.3 percentage point to 7.8 percent in September. 
For the first 8 months of the year, the rate held within a narrow range of 8.1 
and 8.3 percent. The number of unemployed persons, at 12.1 million, decreased by 
456,000 in September. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (7.3 percent), 
adult women (7.0 percent), and whites (7.0 percent) declined over the month. 
The unemployment rates for teenagers (23.7 percent), blacks (13.4 percent), and 
Hispanics (9.9 percent) were little changed. The jobless rate for Asians, at 
4.8 percent (not seasonally adjusted), fell over the year. (See tables A-1, A-2, 
and A-3.)

In September, the number of job losers and persons who completed temporary jobs 
decreased by 468,000 to 6.5 million. (See table A-11.)

The number of persons unemployed for less than 5 weeks declined by 302,000 over 
the month to 2.5 million. The number of long-term unemployed (those jobless for 
27 weeks or more) was little changed at 4.8 million and accounted for 40.1 
percent of the unemployed. (See table A-12.)

Total employment rose by 873,000 in September, following 3 months of little 
change. The employment-population ratio increased by 0.4 percentage point to 
58.7 percent, after edging down in the prior 2 months. The overall trend in 
the employment-population ratio for this year has been flat. The civilian labor 
force rose by 418,000 to 155.1 million in September, while the labor force 
participation rate was little changed at 63.6 percent. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes 
referred to as involuntary part-time workers) rose from 8.0 million in August 
to 8.6 million in September. These individuals were working part time because 
their hours had been cut back or because they were unable to find a full-time 
job. (See table A-8.)

In September, 2.5 million persons were marginally attached to the labor force, 
essentially unchanged from a year earlier. (These data are not seasonally 
adjusted.) These individuals were not in the labor force, wanted and were 
available for work, and had looked for a job sometime in the prior 12 months. 
They were not counted as unemployed because they had not searched for work 
in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 802,000 discouraged workers in 
September, a decline of 235,000 from a year earlier. (These data are not 
seasonally adjusted.) Discouraged workers are persons not currently looking 
for work because they believe no jobs are available for them. The remaining 
1.7 million persons marginally attached to the labor force in September had 
not searched for work in the 4 weeks preceding the survey for reasons such 
as school attendance or family responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment increased by 114,000 in September. In 2012, 
employment growth has averaged 146,000 per month, compared with an average 
monthly gain of 153,000 in 2011. In September, employment rose in health care 
and in transportation and warehousing. (See table B-1.)

Health care added 44,000 jobs in September. Job gains continued in ambulatory 
health care services (+30,000) and hospitals (+8,000). Over the past year, 
employment in health care has risen by 295,000.

In September, employment increased by 17,000 in transportation and warehousing. 
Within the industry, there were job gains in transit and ground passenger 
transportation (+9,000) and in warehousing and storage (+4,000).

Employment in financial activities edged up in September (+13,000), reflecting 
modest job growth in credit intermediation (+6,000) and real estate (+7,000).

Manufacturing employment edged down in September (-16,000). On net, manufacturing 
employment has been unchanged since April. In September, job losses occurred 
in computer and electronic products (-6,000) and in printing and related 
activities (-3,000).

Employment in other major industries, including mining and logging, construction, 
wholesale trade, retail trade, information, professional and business services, 
leisure and hospitality, and government, showed little change over the month.

The average workweek for all employees on private nonfarm payrolls edged up by 
0.1 hour to 34.5 hours in September. The manufacturing workweek edged up by 
0.1 hour to 40.6 hours, and factory overtime was unchanged at 3.2 hours. 
The average workweek for production and nonsupervisory employees on private 
nonfarm payrolls was unchanged at 33.7 hours. (See tables B-2 and B-7.)

In September, average hourly earnings for all employees on private nonfarm 
payrolls rose by 7 cents to $23.58. Over the past 12 months, average hourly 
earnings have risen by 1.8 percent. In September, average hourly earnings of 
private-sector production and nonsupervisory employees increased by 5 cents 
to $19.81. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for July was revised from 
+141,000 to +181,000, and the change for August was revised from +96,000 to 
+142,000.

____________
The Employment Situation for October is scheduled to be released on
Friday, November 2, 2012, at 8:30 a.m. (EDT).
http://www.bls.gov/news.release/empsit.nr0.htmEmployment Situation Summary Table A. Household data, seasonally adjusted

[Numbers in thousands]

HOUSEHOLD DATA Summary table A. Household data, seasonally adjusted
Category Sept. 2011 July 2012 Aug. 2012 Sept. 2012 Change from: Aug. 2012- Sept. 2012
Employment status
Civilian noninstitutional population 240,071 243,354 243,566 243,772 206
Civilian labor force 154,004 155,013 154,645 155,063 418
Participation rate 64.1 63.7 63.5 63.6 0.1
Employed 140,107 142,220 142,101 142,974 873
Employment-population ratio 58.4 58.4 58.3 58.7 0.4
Unemployed 13,897 12,794 12,544 12,088 -456
Unemployment rate 9.0 8.3 8.1 7.8 -0.3
Not in labor force 86,067 88,340 88,921 88,710 -211
Unemployment rates
Total, 16 years and over 9.0 8.3 8.1 7.8 -0.3
Adult men (20 years and over) 8.7 7.7 7.6 7.3 -0.3
Adult women (20 years and over) 8.1 7.5 7.3 7.0 -0.3
Teenagers (16 to 19 years) 24.5 23.8 24.6 23.7 -0.9
White 7.9 7.4 7.2 7.0 -0.2
Black or African American 15.9 14.1 14.1 13.4 -0.7
Asian (not seasonally adjusted) 7.8 6.2 5.9 4.8
Hispanic or Latino ethnicity 11.3 10.3 10.2 9.9 -0.3
Total, 25 years and over 7.7 6.9 6.8 6.6 -0.2
Less than a high school diploma 13.9 12.7 12.0 11.3 -0.7
High school graduates, no college 9.6 8.7 8.8 8.7 -0.1
Some college or associate degree 8.4 7.1 6.6 6.5 -0.1
Bachelor’s degree and higher 4.2 4.1 4.1 4.1 0.0
Reason for unemployment
Job losers and persons who completed temporary jobs 8,028 7,123 7,003 6,535 -468
Job leavers 972 878 942 957 15
Reentrants 3,484 3,380 3,318 3,306 -12
New entrants 1,323 1,311 1,277 1,247 -30
Duration of unemployment
Less than 5 weeks 2,743 2,711 2,844 2,542 -302
5 to 14 weeks 2,902 3,092 2,868 2,826 -42
15 to 26 weeks 2,029 1,760 1,845 1,860 15
27 weeks and over 6,197 5,185 5,033 4,844 -189
Employed persons at work part time
Part time for economic reasons 9,270 8,246 8,031 8,613 582
Slack work or business conditions 5,900 5,342 5,217 5,523 306
Could only find part-time work 2,844 2,576 2,507 2,572 65
Part time for noneconomic reasons 18,329 18,866 18,996 18,736 -260
Persons not in the labor force (not seasonally adjusted)
Marginally attached to the labor force 2,511 2,529 2,561 2,517
Discouraged workers 1,037 852 844 802
– Over-the-month changes are not displayed for not seasonally adjusted data. NOTE: Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Detail for the seasonally adjusted data shown in this table will not necessarily add to totals because of the independent seasonal adjustment of the various series. Updated population controls are introduced annually with the release of January data.

Employment Situation Summary Table B. Establishment data, seasonally adjusted

ESTABLISHMENT DATA Summary table B. Establishment data, seasonally adjusted
Category Sept. 2011 July 2012 Aug. 2012(p) Sept. 2012(p)
EMPLOYMENT BY SELECTED INDUSTRY (Over-the-month change, in thousands)
Total nonfarm 202 181 142 114
Total private 216 163 97 104
Goods-producing 33 20 -22 -10
Mining and logging 6 -1 -1 1
Construction 30 3 1 5
Manufacturing -3 18 -22 -16
Durable goods(1) 4 18 -20 -13
Motor vehicles and parts 2.9 12.8 -6.9 -3.4
Nondurable goods -7 0 -2 -3
Private service-providing(1) 183 143 119 114
Wholesale trade -3.0 8.8 7.0 -1.6
Retail trade 14.2 3.2 8.3 9.4
Transportation and warehousing 1.8 14.2 7.7 17.1
Information 34 8 1 -6
Financial activities -6 1 7 13
Professional and business services(1) 59 41 19 13
Temporary help services 23.7 13.0 0.1 -2.0
Education and health services(1) 58 40 25 49
Health care and social assistance 47.5 27.7 22.2 44.5
Leisure and hospitality 20 24 38 11
Other services 3 9 -2 9
Government -14 18 45 10
WOMEN AND PRODUCTION AND NONSUPERVISORY EMPLOYEES(2) AS A PERCENT OF ALL EMPLOYEES
Total nonfarm women employees 49.4 49.3 49.3 49.3
Total private women employees 47.9 47.8 47.8 47.8
Total private production and nonsupervisory employees 82.5 82.6 82.6 82.6
HOURS AND EARNINGS ALL EMPLOYEES
Total private
Average weekly hours 34.4 34.4 34.4 34.5
Average hourly earnings $23.16 $23.52 $23.51 $23.58
Average weekly earnings $796.70 $809.09 $808.74 $813.51
Index of aggregate weekly hours (2007=100)(3) 94.5 95.9 96.0 96.4
Over-the-month percent change 0.4 -0.2 0.1 0.4
Index of aggregate weekly payrolls (2007=100)(4) 104.4 107.6 107.7 108.4
Over-the-month percent change 0.7 -0.1 0.1 0.6
HOURS AND EARNINGS PRODUCTION AND NONSUPERVISORY EMPLOYEES
Total private
Average weekly hours 33.6 33.7 33.7 33.7
Average hourly earnings $19.53 $19.77 $19.76 $19.81
Average weekly earnings $656.21 $666.25 $665.91 $667.60
Index of aggregate weekly hours (2002=100)(3) 101.5 103.5 103.6 103.7
Over-the-month percent change 0.2 0.1 0.1 0.1
Index of aggregate weekly payrolls (2002=100)(4) 132.5 136.7 136.8 137.3
Over-the-month percent change 0.4 0.3 0.1 0.4
DIFFUSION INDEX(5) (Over 1-month span)
Total private (266 industries) 57.9 54.9 51.3 52.8
Manufacturing (81 industries) 53.7 48.8 38.9 39.5
Footnotes (1) Includes other industries, not shown separately. (2) Data relate to production employees in mining and logging and manufacturing, construction employees in construction, and nonsupervisory employees in the service-providing industries. (3) The indexes of aggregate weekly hours are calculated by dividing the current month’s estimates of aggregate hours by the corresponding annual average aggregate hours. (4) The indexes of aggregate weekly payrolls are calculated by dividing the current month’s estimates of aggregate weekly payrolls by the corresponding annual average aggregate weekly payrolls. (5) Figures are the percent of industries with employment increasing plus one-half of the industries with unchanged employment, where 50 percent indicates an equal balance between industries with increasing and decreasing employment. (p) Preliminary
NOTE: Data in this table have been corrected. For more information see http://www.bls.gov/bls/ceswomen_usps_correction.htm.

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