Tags: Trump | Welch | revised | jobs

Trump: Rosy Jobs Data Will Be Revised Down After Elections

Tuesday, 09 Oct 2012 10:05 AM

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The Bureau of Labor Statistics (BLS) will unveil a massive downward revision to its surprisingly strong September jobs report after November’s elections, said billionaire real-estate mogul Donald Trump.

The U.S. unemployment rate fell to 7.8 percent in September from 8.1 percent in August, the BLS reported last week, far outpacing many analysts’ expectations.

The economy created a net 114,000 nonfarm payrolls in September, while households reported that total employment rose by 873,000 in September, following three months of little change.

Editor's Note: Obama Donor Banned This Video But You Can Watch it Here

Former General Electric Chairman Jack Welch said the numbers were wrong, strongly suggesting the government had fiddled with the data.

“Unbelievable jobs numbers..these Chicago guys will do anything..can’t debate so change numbers,” Welch said on his Twitter page, referring to President Barack Obama’s tepid performance in the first presidential debate last week.

Trump agreed, arguing the numbers were off and adding that Welch was right.

“He’s 100 percent correct, in terms of his statement about jobs,” Trump told CNBC. “And after the election they’ll do a big correction … and a lot of those numbers that they are using are given by the Obama administration.”

Home Depot co-founder Ken Langone appeared with Trump on CNBC and also said he thinks the recent jobs report doesn’t reflect actual business conditions.

"I give Jack a lot of credit for being there and standing out. It makes it easier for me because he and I share the same point of view," Langone said. "These numbers don't square with what's going on with the economy," Langone said.

Meanwhile, the broader economy is not improving though pockets of it are, such as the New York City or Miami real estate markets, which makes the drop in the headline unemployment rate even more unbelievable.

“Nobody, nobody, not even the biggest Obama fan predicted 7.8 percent and out of nowhere, comes the 7.8 number and everybody was shocked by it, and it was good news for Obama in a way but it’s not a correct number,” Trump said.

“Right after the election they will put in a correction, because if you notice for the last year every time they put out a number they are correcting it a couple of months later. The correction will be a massive correction and they’ll say ‘guess what? We made a mistake.’”

The government revises data in its monthly jobs data twice afterward, mostly changing the nonfarm payrolls number.

Officials at the BLS have rejected Welch’s claims, pointing out that not only is the data compiled by career civil servants and not those with political interests, tinkering with the data is difficult.

“We have done a monthly survey since 1940 and the methods have broadly not changed,” said Karen Kosanovich, an economist with the bureau, according to Reuters.

“Fiddling with the numbers, I don’t know how that would be possible.”

White House officials have also rejected Welch’s claims.

“This is a methodology that’s been used for decades. And it is insulting when you hear people just cavalierly say that somehow we’re manipulating numbers,” Labor Secretary Hilda Solis told CNN.

Editor's Note: Obama Donor Banned This Video But You Can Watch it Here

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