Jobs Numbers Boost: How Was It Possible?

Yahoo! News' Aaron Task discusses September's jobs report before the VP debate.
3:00 | 10/11/12

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Transcript for Jobs Numbers Boost: How Was It Possible?
Return -- -- Aaron -- is the editor in chief Yahoo! finance he joins us from Yahoo!'s New York's he has Aaron hello sir are you there. So you can help us to set the scene -- economically here it would this all of this plays out of course against day. Pretty miserable economic backdrop. Let me just ask you to question that imposing debates before at least once famously are we better off now than we were four years ago. Well I would see the answer is definitely yes four years ago the economy was on the brink. Of a disaster in the financial system was about to collapse. And we are about to head into the Great Recession. And so. By all measures were better off -- -- for years ago the problem is we are not very well off right now -- recovery. Has not been very good and that's why a lot of people are feeling that we're better off -- -- four years ago. Well let's talk about. This debate we've we've seen -- at least politically I'd -- to get your perspective on what it means. Economically. This big drop off in the unemployment rate everybody from Jack Welch to -- Good number of Republicans saying. That's absolutely impossible. Now whether you thought the -- Books were cooked or just something was off. Can you explain to us how you could get -- minimal increase in the number of jobs created in such a big drop. At least. You know. But in the unemployment rate in -- -- writes -- and it it is possible because it did happen in the answer is that there's two separate surveys. One of them which is that the payroll number -- 1141000. That's the government surveying employers and telling them you know who's on your books. And then yet when of the household survey where the DL less -- Your labor statistics calls up. Households -- the country need -- -- question are you working. And -- September. 800000 plus people said yes we are working now. A lot of folks have -- of this number looks cook the issue is that about a month to month basis that a lot of noise in these numbers over time they -- tend to smooth out. On the -- over the summer there were few months where the household survey which had that big jump in September we're showing negative jobs. While the payroll numbers and positive -- jobs so statistically speaking. It looks like an anomaly -- it and it was on a wild month but over time those numbers tend to converge. And they're basically saying the same thing which is that we have a very modest recovery in -- not very satisfactory it's not very good but it it is positive. And so the numbers -- sync up when you look at and beyond just that one month. -- one one of the existing. Dynamics in this election season and a lot of battleground states the economy's doing better than it is nationally. As as you look at places like Ohio for principles that's. Thomas -- examples. How much of how much of -- gap is there really between some of these states and the overall picture. Well a lot of the midwestern battleground states have benefited from the recovery of the auto sector mean auto sales have been a bright spot. The economy in the recovery last couple years really especially more recently. And so again I think that was a big mistake that President Obama needing to be -- not talking more. About the fact that he was behind the recovering the auto industry and Mitt Romney was against it and I think you're gonna hear Joseph Biden talked about that. Certainly tonight Osama bin Laden is dead and and GM is alive -- crucial to hear that line or some variation of it and it's it's good politics it happens to be right economically to. And -- editor in chief of Yahoo! finance Aaron thank you.

This transcript has been automatically generated and may not be 100% accurate.

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