Updated October 9, 2012, 7:17 p.m. ET
Jack Welch: I Was Right About That Strange Jobs Report
The economy would need to be growing at breakneck speed for unemployment to drop to 7.8% from 8.3% in the course of two months.
By JACK WELCH
Imagine a country where challenging the ruling authorities—questioning, say, a piece of data released by central headquarters—would result in mobs of administration sympathizers claiming you should feel “embarrassed” and labeling you a fool, or worse.
Soviet Russia perhaps? Communist China? Nope, that would be the United States right now, when a person (like me, for instance) suggests that a certain government datum (like the September unemployment rate of 7.8%) doesn’t make sense.
Unfortunately for those who would like me to pipe down, the 7.8% unemployment figure released by the Bureau of Labor Statistics (BLS) last week is downright implausible. And that’s why I made a stink about it.
Read the rest from Jack Welch at Wall Street Journal.