The Bureau of Labor Statistics is reporting that the September unemployment rate dropped from 8.2% to 7.8%. This occurred even though only a paltry 114, 000 jobs were estimated to have occurred during this period as figures for July and August have been revised upwards. Still the U-3 rate dropped below the magic 8.0% which will allow President Obama to trumpet this achievement in the last month of his re-election campaign.But who believes those figures. There are good reasons to think that the figures are fudged for incumbent political gain.
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