Jack Welch: I was right about jobs report
October 9th, 2012
11:36 PM ET
2 years ago

Jack Welch: I was right about jobs report

Hong Kong (CNNMoney) - Jack Welch elaborated Wednesday on his widely-debunked criticism of the latest government jobs report, claiming in an op-ed that the reported 7.8% unemployment rate is "downright implausible."

Writing in the Wall Street Journal, Welch said that it is an overstatement to suggest that data collected by the Bureau of Labor Statistics is "precise" or "bias-free." And he raised questions over three key statistics - the labor-force participation rate, the growth in government workers and overall job growth - saying big one-month gains "have to raise some eyebrows."

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Filed under: unemployment
soundoff (22 Responses)
  1. Squigman

    Careful there Jack, You run the risk of patting yourself on the back too hard, thus making the possibility of more and stronger medication needed. Put your tin foil hat liner in, and go for a short walk in the fresh air. Clear your mind and be glad you made your millions before all this mess, and got away without the threat of litigation.

    October 9, 2012 11:46 pm at 11:46 pm |
  2. Andrew

    But it was perfectly fine when the numbers were not in Obama's favor? Give me a break......

    October 9, 2012 11:58 pm at 11:58 pm |
  3. jw

    The retraining of a worker can take a couple of years for the new jobs market and won't show up in the jobs report. maybe they are those that are not seeking full time employment at this time.

    October 10, 2012 12:15 am at 12:15 am |
  4. Phil Thomas

    Its a shame how much Welch and The Bank Ruptcy king Donald Trump are throttling their reputations for Willad the Tony Romo of presidential candidates He had a 300 Yard Game last week but trust me when it matters most he will lob the Dems a nice interception

    October 10, 2012 12:22 am at 12:22 am |
  5. Karl Quick

    Three reasons to assume the sudden 7.8% unemployment number is due to the political parties' "ground game":
    1) only due to surge in temporary "informal" workers since employer survey showed no surge; indeed, temp political workers would only be detected in household survey!
    2) if only about 1/3rd of Obama's $181M donations last month went to 10 hours of training for "ground game" workers at $12/hr, over 500,000 people would have been "employed"; and yet Obama has collected far more than that, and Romney has a ground game, as well as unions, etc!
    3) look back at May 2010 to see over 500,000 temp jobs created in one month due to census workers, the last event similar to a massive get-out-the-vote ground game!
    So "ground game" scenario has a precedence, makes sense money wise, and explains the discrepency between the employer and household surveys. Confirmed reasonable via 3 independent tests, must be true, right? ;-)

    October 10, 2012 12:30 am at 12:30 am |
  6. Four and The Door

    Who says 7.8% is anything to be proud of? Face it. Jobs creation in the last 3 1/2 years has been shameful, awkward and a scam on the American taxpayer. Accountability is the message in November. Accountability for all of those hundreds of $ billions spent in the name of jobs creation. We don't need any more scams. Romney/ Ryan 2012. A plan, not a scam.

    October 10, 2012 12:31 am at 12:31 am |
  7. Steve Hamilton

    what a shame for Jack to act so foolishly, damaging a reputation as a smart and successful CEO with a junk comment like this. He has no data. He has no evidence. He says, in effect," the number was big so it must have been buggered with". Fortunately for GE shareholders, he showed a lot more common sense when he led GE.

    October 10, 2012 12:41 am at 12:41 am |
  8. Beverly Nyc

    Hasn't, Wendy picked his nursing home yet. Typical Republican, just because you got caught cooking the books at GE doesn't, make everyone a crook Jack.

    October 10, 2012 12:59 am at 12:59 am |
  9. enuff

    this coming from a man whos co. did not pay taxes at all.

    October 10, 2012 01:01 am at 1:01 am |
  10. Yonni

    It is very dangerous and irresponsible thing to claim that the government manipulated data without substantial evidence. This might set presidency not to trust the government. For example, if the government say there is a danger for public in certain area people need to listen and act accordingly to evacuate or take a shelter for safety reason only if they trust the government otherwise people can be endanger because they have no faith on their government. These people are willing to destroy the system or do anything just to drive out this president from the white house.

    October 10, 2012 01:07 am at 1:07 am |
  11. 2020

    Jack, you are getting too old, too confused.

    You can make up numbers, DOL can't. Back off, you sound like an idiot

    October 10, 2012 01:20 am at 1:20 am |
  12. CarolO

    GM is about to hire 2000 more people. This old guy needs a nursing home.

    October 10, 2012 01:33 am at 1:33 am |
  13. robj

    Mr. Welch, a lot of people are agree with you. Hussein will fabricate things to favor him and cover up everything that make him look incompetent.

    October 10, 2012 01:37 am at 1:37 am |
  14. Jack

    Put a toupee on this guy and he'd look like Donald Trump's cousin.

    October 10, 2012 01:44 am at 1:44 am |
  15. Name

    So if the current figures aren't accurate why were the 8% figures correct? Used the same methodology. I guess they are only accurate if they reflect poorly on the president.

    October 10, 2012 01:48 am at 1:48 am |
  16. Thomas

    Army to Congress: Thanks, but no tanks .

    Great article CNN . I hope other posters read it. It's a perfect example of how people like Jack Welch and a do nothing congress not only wast tax payers money and get rich at the same time on contracts for we don't need .

    Jack is wrong , come out to California and see if the economy isn't picking up. It is , and not thats to him or the guy he supported GW Bush.

    October 10, 2012 01:56 am at 1:56 am |
  17. BCInNV

    You are obsolete

    October 10, 2012 03:46 am at 3:46 am |
  18. Thinking Texan

    Jack of GE, an unamerican fascists spouts and pouts.

    October 10, 2012 04:05 am at 4:05 am |
  19. Nuff said

    Rather than throw criticism one way or the other why not just get more details. Of the 55,000 surveys sent out-how many were returned? Where were they sent-exactly?Seattle-NY-south side Chicago,poor neighborhoods rich? If ALL 55,000 were returned(impossible) how does that turn into 873,000 jobs?Explain the math? The number is more than suspect and if they are to be believed then they should be able to breakdown the methodology so all can see-if not the numbers can't be believed.

    October 10, 2012 05:36 am at 5:36 am |
  20. cicName

    When the unemployment rate goes up, these people are so quick to blame the president for and now that it's looking good, it's a monkey business.same thing they were saying about the poll. It's in their favor now, you here no complain.

    October 10, 2012 05:40 am at 5:40 am |
  21. John, PA

    Of course they cooked the numbers and everyone knows it. There has been no improvement in the economy four years under the FAILED leadership of president Obama: look at the Obama accomplishments:
    - 5 Straight Years of $1 Trillion Deficits!
    - Unemployment increase of 50 % since 2007; hovers at 14% to 15%.
    - Home foreclosures rise by 75 percent since 2007
    - Poverty in America Hits 52-year High as Economy Worsens.
    - 45.8 Million Americans On Food Stamps, increase of 80 percent since 2007 – (CBO).

    October 10, 2012 06:52 am at 6:52 am |
  22. yasmine

    Mr Walsh...you are repulsive...hateful.... racist...

    October 10, 2012 07:12 am at 7:12 am |