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WZTV FOX 17 - Top Stories
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."
On Friday, Welch suggested on Twitter that the Obama administration, calling them "these Chicago guys," had manipulated the monthly jobs report for September in order to make the economy look better than it actually is just weeks before the election. A firestorm quickly erupted on Twitter, and Welch's comments became a major political talking point.
The unemployment rate fell to 7.8% in September, down from 8.1% a month earlier. The drop was due to a BLS survey of households that showed 873,000 more people had jobs than in the previous month. That was the biggest one-month gain in more than nine years.
Welch, the former CEO of General Electric, had previously contributed content to Fortune, but following critical coverage of his comments on the jobs report and tenure at GE, Welch said in an e-mail Tuesday that he was terminating his contract with Fortune.
In his WSJ op-ed, Welch suggests that the reaction to his criticism of "the ruling authorities" was something he would expect in Soviet Russia or Communist China. "Nope," he wrote, "that would be the United States right now, when a person (like me, for instance) suggests that a certain government datum (like the September unemployment rate of 7.8%) doesn't make sense."
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."
On Friday, Welch suggested on Twitter that the Obama administration, calling them "these Chicago guys," had manipulated the monthly jobs report for September in order to make the economy look better than it actually is just weeks before the election. A firestorm quickly erupted on Twitter, and Welch's comments became a major political talking point.
The unemployment rate fell to 7.8% in September, down from 8.1% a month earlier. The drop was due to a BLS survey of households that showed 873,000 more people had jobs than in the previous month. That was the biggest one-month gain in more than nine years.
Welch, the former CEO of General Electric, had previously contributed content to Fortune, but following critical coverage of his comments on the jobs report and tenure at GE, Welch said in an e-mail Tuesday that he was terminating his contract with Fortune.
In his WSJ op-ed, Welch suggests that the reaction to his criticism of "the ruling authorities" was something he would expect in Soviet Russia or Communist China. "Nope," he wrote, "that would be the United States right now, when a person (like me, for instance) suggests that a certain government datum (like the September unemployment rate of 7.8%) doesn't make sense."
Wednesday, October 10 2012, 06:59 AM CDT
Tennessee News
Courthouse in line for repairs, updates
May 25, 2013 15:50 GMT
MANCHESTER, Tenn. (AP) -- Officials in Coffee County are looking to update their historic courthouse instead of replacing the 141-year-old structure.
After all, they said the building is in pretty good shape. As far as repairs, it just needs some new paint and molding, as well as work to repair some water damage. But county maintenance director Robert Gilliam says the entire structure needs updating in order to make it last until the next century.
Gilliam and County Mayor David Pennington told the Chattanooga Times Free Press (http://bit.ly/19ivpQ6 ) that officials have taken care to maintain the building and it hasn't had any major renovations in decades.
Historical society spokeswoman Joanna Lewis said the group is trying to come up with fundraising ideas for the project.
Information from: Chattanooga Times Free Press, http://www.timesfreepress.com
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