Economist Says September Jobs Report A 'Statistical Anomaly'
Center-right economist Douglas Holtz-Eakin, who is also a former Congressional Budget Office (CBO) director, said on CNN's "State of the Union" on Sunday that September's 7.8% unemployment rate was a "statistical anomaly" but not a "conspiracy."
"The numbers were collected in a professional way. It's the same procedures used every month," Holtz-Eakin said. "It's a statistical anomaly, not a conspiracy."
Liberals tried to use Holtz-Eakin's words to claim September's jobs report was a sign the economy and the private sector -- in Obama's words -- were "doing fine." But that is far from the case.
The unemployment rate went down because the federal government revised August's jobs numbers by adding government jobs and nearly 600,000 people took part-time jobs, and this is what Holtz-Eakin was referring to when he said the September jobs numbers represented a "statistical anomaly" that in no way reflects an thriving economy.
In addition, if Americans had not left the labor force after they had lost hope in Obama's economy, the unemployment rate would actually be 10.7% if the labor force was the same size as when Obama took office. Nearly five million Americans have also been unemployed for more than 27 weeks.