| 00:00:13 |
Unidentified Speaker, -
RATE IS MJ LEE. GUEST: THANKS FOR HAVING
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| 00:00:18 |
HOST, -
ME. HOST: CAN YOU TELL US HOW WE GOT TO THIS FIGURE? GUEST: THE ECONOMY ADDED 114,000 JOBS IN
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| 00:00:28 |
HOST, -
SEPTEMBER AND THAT BROUGHT THE UNEMPLOYMENT RATE DOWN FROM 8.1% BACK
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| 00:00:33 |
GUEST, -
IN AUGUST DOWN TO 7.8%. THAT IS A BIG DROP COMPARED TO PREVIOUS MONTHS. I THINK THERE IS CONFUSION ABOUT HOW WE GOT THERE WHEN 114,000 IS REALLY NOT A...
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| 00:01:17 |
HOST, -
KNOW THAT JULY AND AUGUST ACTUALLY ADDED 40,000 JOBS THAN WAS PREVIOUSLY REPORTED.
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| 00:01:24 |
GUEST, -
HOST: WAS THIS EXPECTED AS FAR AS THE AMOUNT OF THE DROP? GUEST: WHEN WE GET
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| 00:01:34 |
HOST, -
THE REVISIONS ONE OR TWO MONTHS LATER, WE ALWAYS CAN SORT OF IMPACT THE CURRENT MONTH'S NUMBERS IN
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| 00:01:41 |
GUEST, -
A WAY THAT CAN BE CONFUSING TO PEOPLE. IF THE NUMBER IS REVISED UP, BACK AND HAVE A POSITIVE IMPACT. IF IT IS REVISED DOWN, THAT COULD HAVE A NEGATIVE...
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| 00:02:04 |
HOST, -
THE PAPERS MAKE NOTICE OF TWO SURVEYS THAT ARE DONE IN CALCULATING THESE FIGURES. ONE TALKS TO HOUSEHOLDS AND ONE TALK TO EMPLOYERS. CAN YOU BREAK DOWN...
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| 00:02:35 |
GUEST, -
VOLATILE THAN THE SURVEY TAKEN OF HOUSEHOLDS WHICH MEASURES THE UNEMPLOYMENT RATE. I THINK THE UNEMPLOYMENT RATE IS TYPICALLY CONSIDERED MORE OF A VOLATILE...
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| 00:03:22 |
HOST, -
IS INTERESTING WE SAW A BIG JUMP IN THE NUMBER OF PART-TIME JOBS ADDED TO THE ECONOMY. IT WENT FROM 8 MILLION -8.6
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| 00:03:29 |
GUEST, -
MILLION WHICH MEANS 600,000 PEOPLE GOT PART-TIME JOBS AS A RESULT OF THE ECONOMY. THAT MEANS IT IS INVOLUNTARY. PEOPLE TOOK A PART-TIME JOB BECAUSE THEY...
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| 00:04:11 |
HOST, -
THRESHOLD THAT PRESIDENT OBAMA HAS BEEN STRUGGLING TO GET OVER
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| 00:04:16 |
GUEST, -
TO THE OTHER SIDE. WHEN THE HEADLINES AND EVERY NEWSPAPER READS THAT WE ARE NO LONGER ABOVE 8% UNEMPLOYMENT, THE POLITICAL IMPLICATIONS ARE GREATER THAN...
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| 00:04:40 |
HOST, -
HOSPITALITY AND WAREHOUSING ADDED JOBS. WE DID NOT SEE ANY HUGE JUMP UP OR DOWN AND OTHER
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| 00:04:51 |
GUEST, -
INDUSTRIES. HOST: WHEN ECONOMISTS LOOK AT THE NUMBERS, ARE WE SEEING A TREND OR DO WE NOT KNOW YET THAT?
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| 00:05:02 |
HOST, -
GUEST: ECONOMISTS GENERALLY SAY THIS HAS BEEN A POSITIVE TREND. THE ONE REASON SEPTEMBER NUMBERS HAVE BEEN USED BY ECONOMISTS
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| 00:05:13 |
GUEST, -
IS THAT USUALLY WHEN THE WORK FORCE, THE SIZE OF THE WORK FORCE, INCREASES, THAT JUSTIFIES THAT PEOPLE ARE OUT LOOKING FOR WORK AND IT MEANS THAT PEOPLE...
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| 00:06:04 |
HOST, -
EVERYBODY. I THINK YOU MADE A GOOD POINT BUT OVERALL, PARTICULARLY
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| 00:06:11 |
CALLER, -
DEMOCRATS, WILL CLING TO THE UNEMPLOYMENT RATE FINALLY BEING BELOW 8%. WE LOST 16,000 MANUFACTURING JOBS, IF YOU LOOK AT THE NUMBERS. ALSO, THE FACT...
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| 00:06:49 |
GUEST, -
LOST 16,000 JOBS IN SEPTEMBER. THERE'S SOMETHING ABOUT THE MANUFACTURING SECTOR THAT HAS A VERY POLITICAL TONE BECAUSE IT AFFECTS MANY JOBS LOCATED IN...
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| 00:08:01 |
CALLER, -
MY CONTRACT CONCLUDED. NOW I AM BACK HERE IN FAIRFAX, VIRGINIA HOPING TO BE PICKED UP BY A NEW FIRM. THERE IS A GREAT DEAL OF WORK IN AFGHANISTAN FOR...
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| 00:08:47 |
GUEST, -
AFGHANISTAN AND IN IRAQ -- ON THIS, THE WARS ARE WINDING DOWN AND THIS IS A POLITICALLY CHARGED ISSUE. HOW MANY WEEKS AGO WAS IT THAT MITT ROMNEY WAS...
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| 00:09:45 |
HOST, -
OUR CALLER MENTIONED, A DROP IN MANUFACTURING. THERE IS A QUESTION ABOUT EXPLAINING THE CRITERIA THAT THE DEPARTMENT OF LABOR USES STATISTICS -- DEPARTMENT...
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| 00:10:17 |
GUEST, -
OTHER WAY. PEOPLE WHO HAVE BEEN EMPLOYED FOR A CERTAIN AMOUNT OF TIME HAVE TO CROSS THE THRESHOLD IN TERMS OF HOW LONG YOU HAVE BEEN EMPLOYED. IT IS...
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| 00:11:17 |
HOST, -
JACK WELCH TWEETED AFTER THE NUMBERS CAME OUT SUGGESTING THE OBAMA ADMINISTRATION HAD SOMETHING TO DO WITH COOKING THE NUMBERS
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| 00:11:29 |
GUEST, -
BECAUSE THEY WERE SO FAVORABLE. AS YOU KNOW, THE REACTION TO THE PRESIDENT TO DEBATE THAT HAPPENED THIS WEEK HAS BEEN MORE POSITIVE FOR RALEIGH AND...
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| 00:12:33 |
CALLER, -
PRESIDENT, 20 MILLION JOBS WOULD BE CREATED OVER THE NEXT 10 YEARS. I TOOK TIME THIS MORNING TO LOOK IT UP. IT ALSO STATES THAT CONSTRUCTION WILL NOT...
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| 00:13:08 |
GUEST, -
PRESIDENT'S CAMPAIGN STAFFERS IN CHICAGO, THIS MONTH'S NUMBERS DID GIVE THEM A CHANCE TO STAND TO THE REPUBLICAN CRITICS OUT THERE, INCLUDING PRESIDENTIAL...
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| 00:14:09 |
HOST, -
QUESTION SAYS IS IT POSSIBLE TO READ THE NUMBERS? THIS IS SUSPICIOUS. GUEST:
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| 00:14:17 |
HOST, -
I, PERSONALLY, DO NOT THINK THIS IS POSSIBLE. MOST ECONOMISTS AND ECONOMISTS WHO HAVE BEEN AROUND FOR
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| 00:14:26 |
GUEST, -
A LONG TIME WOULD AGREE WITH ME THAT THIS IS NOT SOMETHING THAT IS POSSIBLE. AS I MENTIONED, WE HAD LABOR SECRETARY HILDA SOLIS SAY THIS IS A LUDICROUS...
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| 00:15:54 |
HOST, -
WHO SPOKE YESTERDAY. HERE IS GOVERNOR ROMNEY TALKING ABOUT THE JOBS NUMBERS RELEASED. [VIDEO CLIP] >> THERE WAS A REPORT THAT CAME OUT ON JOBS. THERE...
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| 00:16:11 |
Unidentified Speaker, -
THAT LAST MONTH. THE UNEMPLOYMENT RATE HAS COME DOWN SLOWLY, BUT IT HAS COME DOWN. IT IS PRIMARILY DUE TO THE FACT THAT MORE AND MORE PEOPLE HAVE JUST...
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| 00:17:08 |
GUEST, -
NEWS LIKE THE JOBLESS RATE DROPPING FROM 8.1% TO 7.8%, THE PRESIDENT WILL BE CAUTIOUS IN NOT PLAYING THAT OUT TO BANK -- TOO MUCH. HE SAID, I WILL NOT...
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| 00:18:36 |
HOST, -
NOT BELIEVE IS JOBS NUMBER ISRAEL. -- IS REAL.
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| 00:18:41 |
CALLER, -
MY BROTHER-IN-LAW HAS BEEN ON UNEMPLOYMENT FOR A YEAR. HE HAD TO GET OFF OF THAT, NOT BECAUSE OF A JOB. BECAUSE OF OTHER REASONS. HE IS NO LONGER COLLECTING...
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| 00:19:56 |
HOST, -
THE 7.8% NUMBER -- IS IT REAL
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| 00:19:59 |
GUEST, -
OR NOT? OVERALL, THE BIG HEADLINES THAT WERE MADE YESTERDAY AND TODAY ABOUT THE UNEMPLOYMENT RATE NO LONGER BEING IN THE A% THIS RANGE WAS GREAT. TO HAVE...
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| 00:21:09 |
HOST, -
FIGURE WAS REVISED UP TO 181,000 FROM 141,000. THE LABOR MARKET HAS NOT IMPROVED FAST ENOUGH TO PROVIDE JOBS FOR THE AMERICANS WHO WANT JOBS. MANY PEOPLE...
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| 00:21:38 |
GUEST, -
THE JULY AND AUGUST NUMBERS. THE TWO BUS TOGETHER WITH REVISIONS UP WORDS WAS GOOD NEWS. THE BEST BE TWO MONTHS TOGETHER WITH REVISIONS UP WORDS --...
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| 00:22:28 |
HOST, -
OUR GUEST. CALLER: WE HELP THE PHYSICALLY AND MENTALLY DISABLED WITH THEIR DAILY NEEDS THAT THEY WOULD NOT BE ABLE TO DO WITHOUT US. WE WERE TOLD
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| 00:22:40 |
CALLER, -
THE OTHER DAY THAT THERE WOULD BE SOME CHANGES COMING THE FIRST OF THE YEAR. MOST OF US ARE GOING TO LOSE OUR JOBS BECAUSE THE GOVERNOR IS GOING TO OPT...
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| 00:23:34 |
GUEST, -
IS A NEW ADMINISTRATION, A NEW PRESIDENT, THERE ARE MANY ISSUES IN WHICH THE PEOPLE BELIEVE MITT ROMNEY TAKING THE WHITE HOUSE COULD BRING A LOT OF CHANGES...
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| 00:24:21 |
HOST, -
WAGE IS NO BETTER OFF AND SOMEONE RECEIVING WELFARE. TO THE POINT ABOUT WAGES, WHAT DO WE FIND OUT THERE FROM THE RELEASE OF THE REPORT? GUEST: I DO...
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| 00:24:40 |
GUEST, -
IMPORTANT. WELFARE IS SOMETHING THAT PRESIDENT OBAMA AND MITT ROMNEY HAVE BEEN TRADING BARBS OVER AS TO WHETHER THE PRESIDENT IS SOMEONE CAPABLE OF...
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| 00:25:19 |
HOST, -
I AM AN AMERICAN BLACK
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| 00:25:24 |
CALLER, -
MAN, ONE OF THE 47%. I HEARD ONE REPUBLICANS SAY I WAS A PARASITE. I SEE THIS COUNTRY AS A GLASS OF WATER HALF FULL AND HALF EMPTY. I WATCHED THE DEBATE,...
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| 00:26:03 |
HOST, -
JOBS NUMBERS, HE WOULD HAVE BEEN SMART ENOUGH TO START TWO MONTHS AGO FIXING THEM.
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| 00:26:09 |
CALLER, -
HOST: CAN WE SEE ANY RELATION TO JOBS NUMBERS AND THE POLICIES OF THE PRESIDENT HU?
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| 00:26:17 |
HOST, -
GUSEST: FOR AFRICAN AMERICANS, THE UNEMPLOYMENT RATE WAS 13.4%. FOR HISPANICS, IT WAS 10%. COMPARE THAT TO THE UNEMPLOYMENT RATE FOR WHITES, WHICH WAS...
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| 00:27:24 |
HOST, -
TOO MANY MIDDLE- CLASS FAMILIES WHO ARE STRUGGLING TO PAY THE BILLS. THEY WERE STRUGGLING BEFORE. TODAY'S NEWS IS
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| 00:27:32 |
Unidentified Speaker, -
NOT AN EXCUSE TO TALK DOWN THE ECONOMY TO SCORE A FEW POLITICAL POINTS. IT IS A REMINDER THAT THIS COUNTRY HAS COME TOO FAR TO TURN BACK NOW. HOST:...
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| 00:27:54 |
HOST, -
I HAVE THE COMPANY AND I EMPLOY 28 PEOPLE. I HAD A MEETING WITH MY EMPLOYEES FRIDAY. I TOLD
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| 00:28:02 |
CALLER, -
THEM, IF THIS PRESIDENT GETS REELECTED, I WILL CLOSE THE DOORS AND I WILL RETIRE. I OWN A HOUSE IN THE CARIBBEAN. I AM DOING WELL FINANCIALLY. THERE ARE...
|
| 00:28:50 |
HOST, -
HE DID THIS IN THE FIRST FOUR YEARS, WHAT YOU THINK WILL HAPPEN THE SECOND FOUR HERE'S? --
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| 00:28:58 |
CALLER, -
YEARS? HOST: CAN I ASK WHAT BUSINESS YOU ARE IN? CALLER: HEATING AND AIR CONDITIONING. THE
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| 00:29:10 |
HOST, -
EPA IS COMING DOWN ON ME. WE
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| 00:29:14 |
CALLER, -
HAVE NO GAS AND OIL ELSE. IT IS HARD HIT IT IS NOT WORKING ANYMORE. IT IS TOO MUCH PAPERWORK. HOST: IN RESPONSE? GUEST: MANY PEOPLE IN THIS COUNTRY FEEL...
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| 00:29:38 |
GUEST, -
REGULATIONS, THAT IS AN INTERESTING POINT. THERE ARE MANY CRITICS OF THE PRESIDENT WHO SAY THAT THE PRESIDENT HAS PUT IN TOO MANY POLICIES THAT TRY TO...
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| 00:31:31 |
HOST, -
BILLION IN JULY. THE JULY CONSUMER BORROWING HAD FALLEN FOR THE FIRST TIME IN NEARLY A YEAR. GUEST: CONSUMER BORROWING IS ANOTHER SIGN OF WHETHER THE...
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| 00:31:46 |
GUEST, -
MONEY, THIS IS AN INDICATION OF WHAT THE PEOPLE FEEL LIKE THEY HAVE THE EXTRA CASH IN THEIR POCKETS TO GO OUT AND SPEND. JUST LAST MONTH, OR A FEW WEEKS...
|
| 00:32:44 |
HOST, -
ABOUT WHAT QUANTITIES IN THE US FOR THE ECONOMY. SOME WILL SAY THE FED HAS BEEN
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| 00:32:50 |
GUEST, -
PLAYING TOO BIG OF A ROLE TRYING TO PUT MONEY INTO THE ECONOMY. THERE ARE MANY PEOPLE ARE NOT HAPPY ABOUT QE 3. MAYBE QE 1, MAYBE QE 2, BUT THE EFFECT...
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| 00:33:58 |
CALLER, -
ON HIM, HE MADE IT CLEAR THAT HE IS WEALTHY. IF HE FOLLOWS THE RULES, YOU CANNOT GET FIND. I HAVE BEEN IN CONSTRUCTION ALL MY LIFE. I HAVE HAD THREE...
|
| 00:35:01 |
HOST, -
CALLER WAS TALKING ABOUT THE EPA AND THE REGULATIONS COMING OUT OF THE EPA AND
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| 00:35:06 |
GUEST, -
HOW THEY ARE NEGATIVELY AFFECTING HIS JOB. THE ISSUE OF GOVERNMENT REGULATIONS IS SOMETHING THAT THE PRESIDENT AND ANN ROMNEY HAVE -- AND MITT ROMNEY...
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| 00:35:58 |
HOST, -
THE NUMBER 7.8% WHEN IT WAS 8.1%? IN REALITY,
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| 00:36:04 |
CALLER, -
IT IS PROBABLY 15%. THEY NEVER PROVIDE THAT SORT FIGURES AND THEY NEVER DESCRIBE WHAT JOBS WERE CREATED. DID THEY CREATE 1000 JOBS AT MCDONALD'S AND...
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| 00:36:52 |
GUEST, -
ON HOW THEY REACHED THE JOBLESS RATE. IF YOU GO TO THE BUREAU OF LABOR STATISTICS WEBSITE, YOU WILL SEE ALL OF THE FIGURES THERE. YOU WILL PROBABLY SEE...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.