Employment: October Surprise or October Miracle?
A lot of people who watch policy and politics relatively closely were very surprised, this morning, to hear that the unemployment rate had fallen to its lowest level during the Obama presidency — a level last seen in January 2009. As James Pethokoukis notes, of the seasonally adjusted 873,000 jump in employment from August to September, 582,000 were people who want to work full-time but had their hours cut or were unable to find full-time work, involuntary part time, as they’re called.
Given the sheer size of the jump in employment, though, some cynical folks on the political right are finding it to be a bit suspicious. In their view, the move would be in keeping with the Obama administration’s request to defense contractors not to notify employees before the election of possible layoffs and promise to cover the cost if they are sued for it.
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