TODAY | October 06, 2012
>>> recovering? we're here with audio look inside the numbers. help me understand this now. the actual number of jobs added in september was not a huge increase, but we still saw this drop of the overall rate to 7.8%. how does that work?
>> two big things . first of all, 86,000 more jobs were added in july and august together than originally expected. august had those dismal statistics that made president obama look not so great in his recovery plan , but actually if those numbers turned out to be revised, 86,000 more jobs, that's going to give you a boost to that unemployment number. also the number of part-time workers jumped by over half a million just in the last month. that's an fortunate statistic, but it is one that will give you the overall sense that the unemployment number is coming down.
>> what were the winners and losers in terms of industries?
>> first health care added the most jobs of any sector, 44,000 jobs there. transportation and warehousing, restaurant services close behind. a lot of those restaurant jobs will be those part-time jobs. but manufacturing actually subtracted 16,000 jobs. some of those jobs are being lost there.
>> the unemployment rate is, as we heard politically it's potentially good news for democrats. not everyone convinced, though. yesterday jack welch , the former chairman and ceo of ge, tweeted unbelievable job numbers. these chicago guys will do anything. can't debate, so change numbers. he's obviously very influential man. when he tweets, people listen. is there any way that these kinds of numbers can be manipulated?
>> he tweets, people listen, they retweet, they write about it and we certainly talked about it a lon on cnbc. the fact of the matter is the bureau of labor statistics has been calculating this number since 1948 . it's a scientific survey. they poll 140,000 businesses. you definitely have a giant sample here. what some people are saying is a possibility is that the type of businesses sampled were ones that were skewed towards jobs added. those place where is they might have add more part-time workers. we also saw a giant jump in the number of people employed from the age group of 20 to 24. the biggest jump since 1964 . some of these businesses that employed more young people being pulled? it's unlikely. it's really an issue of how much data you can actually get together in 30 days time. of course, you can revise these numbers up to two months out. so we should know in two months if these numbers get revised down.
>> i feel like sometimes we don't know how to accept good news. what's the overall trend, though? are we adding jobs quickly enough?
>> i think that's the big issue. of course, 7.8% psychologically, it's a great number, but when president obama unveiled the stimulus plan, he said this should get us to 5.6%. that gives you a benchmark. that lets you know that the growth of jobs in america is not as fast as the government would like it to be and certainly not as great as the american people would like it to be. i think that when you look at the number of jobs added in the last month, it was good. it was better than expected. lower than the average for the years. we added 114,000 jobs, 10,000 of those were from government, and the average for the year for each month was 150,000. so it's slow, but it is moving in right direction.