Sunday, October 28

Jack Welch fires back over jobs report valve

Jack Welch fires back over jobs report valve

Lucas Jackson / Reuters

Jack Welch has comment on who fired back widely criticised over his latest jobs report journal writing in an op-ed in the Wall Street Wednesday, that is the reported US unemployment rate of 7.8 percent "absolutely implausible."

Jack Welch has Tweet fired back about his widely criticized on the latest jobs report journal writing in an op ed in the Wall Street Wednesday, that the reported US unemployment rate of 7.8 percent is "absolutely implausible."

The September jobs report released Friday morning, showed the nation unemployment rate slipped below 8 percent for the first time since President Barack Obama was inaugurated in January 2009.

The former Chief Executive of General Electric created stir through his Twitter account which to propose Obama management had the numbers to the President reelection chances increase manipulated. Welch's Tweet read:

"Incredibly pay jobs.."These Chicago guys will do everything..."Debate cannot change numbers."

The tweet gained widespread criticism from economists and financial media, from which some said that Welch was simply wrong comments.

But in his op-ed Welch Wednesday did respond to "those who want me to pipe down," say "7.8% unemployment by the Bureau of Labor Statistics (BLS) last week published almost is not credible." And that is why I made a stink about. "

Welch said it an exaggeration to claim that by the Bureau of labor statistics specifically questions about three important statistics threw "precise" and "are free of bias", and he collected data: Labor turnout, the increase in the Government employees and job growth.

These data points, "all multidecade records reached in the last two months" need "some eyebrows to raise", he said.

"There were no economists, liberal or conservative, predicting that unemployment would fall in September under 8 %" added, Welch.

"" I know I'm not the only person who heard this numbers and say: ' really?,'"he said."If all that is true, why have so many people I know still that hard work to find? "Why do I hear about local, State and federal cuts?"

Welch went on to write that the Obama campaign and his supporters "would, watching each her movements and specially trained, white gloves count as you believe that BLS data are treated like the gold at Fort Knox, with gun-carrying guards Super-agents and tells the hours."

The reality is the process far less scientific data are monthly unemployment to collect, he added, pointed out that it over a period of one week by the Census workers, from the phone in 70 percent of cases and the rest are collected through home visits. The possibility of subjectivity in the process is crawling everywhere, he said.

Welch said on Tuesday that he not continue for Fortune magazine to write, after the magazine was critical of his comments on the jobs report last Friday.

Look at the recent data on jobs, former GE Chairman and CEO Jack Welch says Larry Kudlow he is suspicious and numbers and explains why he so vocal about his skepticism been.

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