Engineers, that's who.
Engineers who love their country enough to take part time jobs flipping burgers.
Here's a deep dive into the reports from Mish's Global Economic Tend Analysis:
September Jobs +114,000; Unemployment Rate 7.8%; Part-Time Workers +582,000; Initial Reaction and Election Impact
Initial Reaction and Election ImpactAnd from the Washington Post's ComPost blog:
The establishment report of +114,000 jobs was pretty much about what most expected. The four-month average is a mere 120,000 a month (a very weak set of establishment numbers for this point in a recovery).
However, the household survey surprise shows the unemployment rate fell three-tenths of a percent to 7.8%.
On the surface, this is a solid showing, and 100% certain to boost the Obama campaign. I suggest these numbers will overshadow a horrendously weak performance by the president in the debate.
That said, a closer look shows the entire drop in the unemployment rate can be attributed to a surprise rise of 582,000 in part-time workers. U-6 unemployment remained at 14.7%. U-6 includes part-time workers who want a full-time job.
Still, all things considered, this was the strongest report in four months.
Does it change my recession outlook?
No, it doesn't. A one-month potential outlier based primarily on a rise in part-time employment, accompanied by other weak data does not change my perception.
...“Today’s disappointing unemployment report is not what a real recovery looks like. We can’t afford another four years like the last,” Mitt Romney tweeted. He was clearly that dad who considered B’s disappointing, even when you had been coming home with lots of C’s and D’s.
“The reason the unemployment has come down is because President Obama threatened unemployment’s family,” Mitt Romney suggests.
“The reason unemployment appears to have dropped is that you are not taking into account the large numbers of people who are freeloading and entitled.”
“The reason unemployment looks like it’s decreased in size is because unemployment is wearing a slimming black ensemble.”...