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CNBC's Ron Insana: 'Goldilocks' Jobs Report Could Help Hillary Win the Election

Image: CNBC's Ron Insana: 'Goldilocks' Jobs Report Could Help Hillary Win the Election

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Friday, 04 Nov 2016 01:55 PM

CNBC’s Ron Insana claims that the “almost a Goldilocks number” from the Labor Department on the nation's jobs market could catapult Hillary Clinton into the White House.

Employers added 161,000 new jobs with the unemployment rate matching a low in January, which was the first dip under 5 percent in eight years.

"The drop in the both narrow and broad unemployment rates give Hillary Clinton some good economic news to share only days before the presidential election," he wrote for CNBC.com. 

“Of course, we will hear the typical hue and cry that, like other aspects of the economy, these data are "rigged," as the usual data trolls suggest that the most politically sensitive numbers, the actual unemployment rates, are probably higher than reported,” Insana said.

 

“This trope is repeated with pneumatic regularity every month and during every political administration, so why don't we just dispense with the nonsense?”

Government economic numbers are compiled by career bureaucrats who serve Democrats and Republicans equally and honorably, Insana claimed.

“It's the economy that is normalizing, which is very good news. While some data have softened of late, from restaurant sales to service sector activity, the jobs report should be a reassurance that, absent a policy mistake by the Fed, or by the federal government, this economy can continue chugging along,” Insana said.

“Slow and steady wins the race it is said. When compared to the rest of the developed, and even parts of the developing world, the U.S. economy is performing admirably. And that's more good news for the next president to share,” Insana said.

To be sure, Donald Trump's campaign declared as "disastrous" the latest jobs report that showed unemployment dipping under 5 percent, The Washington Times reported.

However, the Trump camp called it "disastrous."

The report "underscores the total failures of the Obama-Clinton economy that delivers only for donors and special interests and robs working families," the Times reported.

"Nearly half a million people left the workforce last month, a painful and massive decline. Over 14 million have left the workforce since Obama came into office, bringing the total not working to 94 million," Trump campaign policy director Steven Miller told the Times. "In four days, voters will get the chance to vote to take power back from the special interests and return it to the people."

Further, the Trump campaign highlights that Obama is the first president not to have a single year of 3 percent wage growth.

CNN reported earlier this year that with unemployment under 5 percent, wage growth should be around 4 percent.

Some financial gurus say the monthly jobs report is much like lunch meat: it depends on how you slice it and you might just consider it all baloney.

Friday's report sketched a picture of a resilient job market that likely keeps the Federal Reserve on track to raise interest rates when it meets next month.

Economists look past the official unemployment rate — that 4.9 percent figure, also known as the "U-3" rate — to other metrics that give their own nuanced view of jobs in the country, CNBC explained.


The alternative gauge of joblessness, the U-6 rate, that counts not only the officially unemployed but also the part-timers who'd prefer full-time work and people who have stopped looking for jobs, fell to 9.5 percent. That's the lowest point since 2008. Still, it is higher than is typical in a healthy economy.

Meanwhile, CNS News reports that "94,609,000 Americans aren't in the labor force, 425,000 more than last month's 94,184,000, and the second highest number on record."The New York Post's John Crudele bluntly points out that the monthly jobs data — and not the ballot box — is where Republicans should be looking for an election rig.

"If any trickery occurs, it will likely be in the seasonal adjustments, which can always be corrected at a later date and in the birth/death model that the Labor Department uses to guess at the number of jobs created by “newly born” companies that it can’t prove really exist," Crudele wrote.

 

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CNBC's Ron Insana claims that the "almost a Goldilocks number" from the Labor Department as 161,000 new jobs were created last month and the unemployment rate dropped to 4.9 percent could catapult Hillary Clinton into the White House.
ron insana, hillary clinton, jobs report, employment
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2016-55-04
Friday, 04 Nov 2016 01:55 PM
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