Behind the scene analysis how the 92,000 new jobs created were disappointing but the unemployment rate fell to 4.4%
Joe Weinman
Nov. 3, 2006

The wall street pundits are saying the unemployment rate fell to 2001 level of 4.4% because prior months’ (September and August) data were revised upwards. They are dead wrong. The fact that employment rate went down has nothing to do with revisions if you know how the two statistics are collected.

Let us analyze what really happened. The economy is plagued with underemployment and lack of innovation. At the same time there is tremendous stealth inflation – in housing, in health insurance. In car insurance, in university tuition …. The list is big and the official CPI and PPI data do not care to include these. People are scared. They have taken whatever jobs they can take. No one can live without a job and good jobs are unavailable. The inherited idle unproductive money does not know what to do with al that tax cut. It wants to multiply the money but does not have a clue for innovation.

As a result the economy has based its expansion on unproductive tradition paper pushing areas like mortgage service and so on – a certain path to economic disaster.

The underemployment has caused the unemployment so low. People are doing two or three low paying jobs to somehow keep going. The net result is low unemployment rate.

Behind the scene analysis how the 92,000 new jobs created were disappointing but the unemployment rate fell to 4.4%
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The wall street pundits are saying the unemployment rate fell to 2001 level of 4.4% because prior months’ (September and August) data were revised upwards. They are dead wrong.
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