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Brian Wesbury of First Trust Advisors discusses whether the latest unemployment figures point toward and economic recovery.
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-- -- Let's get back to this morning serious news that will be the jobs report here is Brian Wesbury chief economist -- us trust and its us from.
By Brian for the benefit of viewers just joining us I've got this number right seven point 8% of -- a big drop in the unemployment rate.
It is 873000.
People apparently found look last month but -- only a 1141000.
New jobs I tell you Brian.
There is widespread.
Distrust and skepticism about these numbers go.
Yeah well first of all -- before I get started I.
I have been on the road all week long Rochester Charleston, West Virginia Memphis Tennessee Nashville Tennessee.
Airplanes are full restaurants are full hotels are busy across this country and by the way being.
On the road all week I've missed my sons my two sons Kyle and Graham.
They're sitting at home they have school off today's Ohio -- but.
And now let me answer this question for you because.
-- data.
They did the economic data we have said all along for the past three years is a plow worst of the you know.
Even let -- for being wrong.
Hold on dateline ancient idols out yet newest are Chiming in vigorously as we speak you have that hope they don't believe the numbers -- think -- -- so convenient than the Obama administration what do you say Stewart.
Stuart I'm gonna tell you something -- look -- let's get serious here if our statisticians.
In Washington DC I'm not saying that they can't play a little bit at the margins.
But we have had a declining unemployment rate and a growing economy for almost three years now.
And if people don't believe I think one of the reasons people have a problem leaving the numbers is they bet -- Heavily on -- really had no time.
Why they blaming broad I don't know anyone -- -- I don't know what you've been saying that that the unemployment rate would be illegal don't resent blindly election little or no reason why the unemployment rate has come down is because.
God knows how many millions of people have dropped out of the well for us and now suddenly oh how conveniently in the month of September.
873000.
Don't come right back -- -- say yeah I got a job.
What's with the well for.
That caters to those -- I mean if you really wanna get in the weeds I did a household survey where we knock on people's doors and ask them are you working -- are you that.
If you look at the three month average by the way you have to because this number is hugely volatile as we see today.
It's a 180000.
Jobs over three months on an average basis.
If you look at the payroll number over the past 31 months it's up about a 150000.
A month.
So all of these numbers that we're seeing on employment if you use a three month or six month or twelve month average.
We're still running in that 15160.
Kinda mediocre.
Literally French like employment environment we look at we are waiting not going down to 5% on appointment.
We're just were up flowers and -- -- not -- apparently.
That then not.
Cooking the books that's what you said -- I'm not doing I I don't believe they are I I'm I'm not.
Look this economy's not great anybody who says it's great.
The problem I've had is that lots of Republicans have tried to spin it as -- bad.
That if we get a mediocre number it looks better than it really is and that's why I think so many people are freaking out this morning 78 it's way too high.
All right we have to have.
5% unemployment.
Brian west rate go home to the boys give -- Alabama right and I have dual -- given you a hard time you you tell us -- -- did not get home if you're the it definitely Friday it was awesome -- thank you awesome.
