Gallup's latest poll on the unemployment crisis sees the rate jump from 9.4% in August, to 10.1% in September.
Not good news for the Obama administration, and certainly a concern heading into tomorrow's employment situation report.
 Image: Gallup |
The report also shows the job market continuing to degrade for those aged 18 to 19, and those without a college education.
One thing for sure - WH Pinocchio and his Chicagoland gang will MANIPULATE the #s tomorrow.
Gallup Finds U.S. Unemployment at 10.1% in September
Underemployment, at 18.8%, is up from 18.6% at the end of August
by Dennis Jacobe, Chief Economist
PRINCETON, NJ -- Unemployment, as measured by Gallup without seasonal adjustment, increased to 10.1% in September -- up sharply from 9.3% in August and 8.9% in July. Much of this increase came during the second half of the month -- the unemployment rate was 9.4% in mid-September -- and therefore is unlikely to be picked up in the government's unemployment report on Friday.
Friday's Unemployment Rate Report Likely to Understate
The government's final unemployment report before the midterm elections is based on job market conditions around mid-September. Gallup's modeling of the unemployment rate is consistent with Tuesday's ADP report of a decline of 39,000 private-sector jobs, and indicates that the government's national unemployment rate in September will be in the 9.6% to 9.8% range. This is based on Gallup's mid-September measurements and the continuing decline Gallup is seeing in the U.S. workforce during 2010.
A) They don't seasonally adjust
B) They think the unemployment rate went up 0.7% in 2 weeks ("Much of this increase came during the second half of the month -- the unemployment rate was 9.4% in mid-September")
C) Their polling methodology is completely different
So, this is about as meaningless as Fisher peeing on everyone's favorite... um... yellow metal.
Tomorrow we will have a super upside surprise.
9.3% on the unemployment number. Lots of hiring going on out there.
Can't wait to top 11,000!
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9.6% is way better than 10.1%, right? and the markets will take off.
study 1789 in France
Almost 2 years after Bush left office, it's still his fault.
But we were doing so good? The stimulus was working and Botox Joe and Obama were taking credit for it.
Will they take credit for the failure too?
Tomorrow it will come out as 'better then expected' somehow.
All our crappy economists for example will expect 10.11% but the number will came out to be 10.1%.
Stocks rally to 11K swiftly without POMO