White House Warns Monthly Jobs Numbers Are Volatile



Once again, White House economists are warning not to read too much into the monthly jobs figures.

Alan Krueger of the president’s Council of Economic Advisers writes on the White House website that the numbers are adjusted in time and August’s disheartening flat rate of zero new jobs, for instance, has been changed to reflect actual growth of more than 100,000.

October’s net increase of 80, 000 new jobs is well under what the economy needs to change the unemployment rate significantly, and the president’s own economists are forecasting a rate close to the current 9 percent all the way through Election Day a year from now.

Krueger offers a chart intended to back up President Obama’s point made at the G-20 Summit in Cannes, France, that the shrunken economy has grown and jobs have been created in the private sector since he took office, although more needs to be done.

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