Jobless Rate Falls

The big news is, the jobless numbers dropping below 8%. The real news, jobless numbers for graduating college students, unchanged. More than 45 million are still on food stamps. Annual wage increase has dropped. It is being reported that layoffs be delayed until after the elections (especially those involving the military and Department of Defense contractors). IT has also been noted that the numbers are contradictory, and many wonder how it is that only 114,000 jobs were added when the Government is saying over 800,000 found work. Of course, it is also important to remember those who have given up the job search or who are considered by the census not to be actively seeking employment, and that contractors do not count (however, it seems seasonal jobs count alot because this seems to happen around this time of year). Another reason being reported for the fall is due to the number of people who "left the workforce," and that many jobs were part-time (showing the desperate need for jobs).

On a personal note, many of my college friends are asking, where are these jobs? There are several people I know with Master degrees and a great job history that have not even had a job for a year or more. Some have had temp or part time jobs that pay way below what they were making before their job hunt began. Others, with Masters degrees, have decided to go back to college for another Bachelors degree in a field that seems to be popular when looking for jobs. On top of that, it can be noted that there are areas of the country where it is evident that jobs are scarce, and many who are considered over qualified are overlooked or not even considered. If the market is really growing, where is it growing? Also, where are the wage increases. There are people who have been working for the same amount of money for almost 2 years now, as they watch the price of food and gas sky rocket.

The real jobless number is well over 10% and there is still a huge discrepancy in the numbers. Could this be a campaign thing? Of course. It's funny how the numbers just seem to work out the month before the election, and after a debate in which the President totally didn't show up for.

Reference:

Seidl, J. October surprise: Unemployment drops to 7.8%-but skeptics abound. The Blaze, October 5, 2012.