Surprising Survey
10/09/2012 | | employment patterns, margin of error, patterns, seasonal variations, unemployment rate
Despite 114,000 jobs being created in September the unemployment rate plummeted to 7.8% from 8.1%. The unemployment rate is based on a tiny survey of 66,000 households that has a margin of error of 400,000! Moreover, the survey is especially bad when seasonal patterns change (and they are among those 20 to 24). The number will be revised as it often is. We’re just more attentive because of the election.