Jack Welch strongly implied on Twitter Friday that the September and October jobs reports were overly optimistic to help President Barack Obama get reelected.
Welch, the former longtime General Electric CEO, became notorious for implying on Twitter in October that Obama's presidential campaign had influenced the Bureau of Labor Statistics' September jobs report to make the economy look strong. He wrote at the time:
The November jobs report, which was released on Friday -- the first jobs report since the election -- had a lot of statistical noise because of Hurricane Sandy, according to some economists and economics journalists.
The results were better than expected: The BLS reported that the economy added 146,000 jobs in November, far more than the average of 85,000 jobs forecast by economists. But much of the job growth was in low-wage fields, and the labor market still has a long way to go before fully healing.
Though Welch cast doubt on the BLS' revisions of the September and October jobs reports, it usually revises its recent jobs reports to include late sample reports. The BLS surveys a random sample of 60,000 households and 140,000 businesses every month, and accounts for late responses through revisions.
Earlier on HuffPost:
<a href="http://www.huffingtonpost.com/2012/10/05/jobs-report-conspiracy-theory-baseless_n_1942685.html">Jack Welch, former CEO of General Electric, tweeted</a> on Friday that President Obama's team must have cooked the September jobs numbers in order to help his reelection chances. But <a href="http://www.huffingtonpost.com/2012/10/05/jobs-report-conspiracy-theory-baseless_n_1942685.html">these claims are baseless</a>: The Bureau of Labor Statistics is an independent agency that conducts scientific random surveys.
Rush Limbaugh On Jobs Report
Long before <a href="https://twitter.com/jack_welch/status/254198154260525057">Jack Welch accused the Bureau of Labor Statistics</a> of cooking its books to help President Obama on Oct. 5, conservative talk show host <a href="http://www.rushlimbaugh.com/daily/2012/02/03/happy_days_are_here_again_in_obamaville_raw_jobs_numbers_tell_very_different_story">Rush Limbaugh claimed in February</a> that the Bureau of Labor Statistics' seasonal adjustment of the jobs numbers amounted to cooking the books to help President Obama. He said that "the raw number" from December to January meant "we lost two million jobs." But economists agree that seasonal adjustment is critical for month-to-month measurements, since there are seasonal factors that add noise to the data otherwise. (Hat tip: <a href="http://www.businessinsider.com/economic-conspiracy-theories-2012-8?op=1">Business Insider</a>.)
<a href="http://www.huffingtonpost.com/2012/09/13/donald-trump-federal-reserve_n_1882256.html">Real estate mogul Donald Trump told CNBC</a> in September that the Federal Reserve is "creating phony numbers and they're doing it through stimulus." The Fed has bought securities in its three rounds of quantitative easing, which many economists argued has had a <a href="http://www.huffingtonpost.com/2011/06/21/federal-reserves-bond-buy_n_881805.html"> real effect on the economy</a>.
Republican political strategist <a href="http://thinkprogress.org/media/2008/12/09/33404/rove-oreilly-economy/">Karl Rove and Fox News host Bill O'Reilly said</a> in December 2008 that journalists exaggerated the economic crisis then so that anything under President Obama would be an improvement. But the economy really was in a deep recession at the time.
Erin Burnett ON Fed Stimulus
<a href="http://outfront.blogs.cnn.com/2012/08/31/fed-chairman-ben-bernanke-defends-stimulus-that-cost-1-million-per-job/">CNN anchor Erin Burnett said</a> on her show "Erin Burnett OutFront" on Aug. 31 that Federal Reserve Chairman Ben Bernanke may embark on another round of quantitative easing, a type of monetary stimulus, in order to help Obama get reelected and keep his own job. But the Federal Open Market Committee (FOMC) is independent and makes its monetary policy decisions based on how the economy is doing. Also, Bernanke is a registered Republican and was appointed by George W. Bush.
Rush Limbaugh On Financial Crisis
Conservative talk show host <a href="http://thinkprogress.org/politics/2008/12/22/34058/limbaugh-democrats-indy/">Rush Limbaugh claimed in December 2008</a> that President Obama helped cause the financial crisis so that he could gain power. (Hat tip: <a href="http://www.businessinsider.com/economic-conspiracy-theories-2012-8?op=1">Business Insider</a>.)
Rep. Ron Paul (R-Tex.), who believes America should abolish the Federal Reserve and go back to the gold standard, <a href="http://www.fool.com/investing/general/2011/04/14/the-conspiracy-theorists-history-of-gold.aspx">said in 2010</a> that the New York Fed might not have any gold in its vaults, according to The Motley Fool. Actually, <a href="http://www.newyorkfed.org/education/addpub/goldvault.pdf">it does</a>.
Erin Burnett On Food And Gas Prices
<a href="http://www.huffingtonpost.com/2012/09/08/erin-burnett-federal-reserve_n_1866971.html">CNN anchor Erin Burnett claimed</a> on her show "Erin Burnett OutFront" in September that the Federal Reserve's stimulus measures have caused food and gas prices to rise. But <a href="http://www.huffingtonpost.com/2012/09/08/erin-burnett-federal-reserve_n_1866971.html">there has been no correlation</a> between the two.