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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
Man charged with faking marriage to visit inmate
May 22, 2013 13:32 GMT
JOHNSON CITY, Tenn. (AP) -- Washington County authorities say a man faked a marriage certificate so he could visit a woman held in the Johnson City Detention Facility.
The Johnson City Press (http://bit.ly/14QBr9L ) reports investigators discovered the ruse after the May 14 visit by 32-year-old Robert S. Hicks of Elizabethton. Hicks was arrested Tuesday on a charge of criminal simulation. He was jailed at the Washington County Detention Center in lieu of $10,000 bond, pending a court appearance Wednesday.
Information from: Johnson City Press, http://www.johnsoncitypress.com
Bernanke signals Fed to maintain stimulus efforts
WASHINGTON (AP) -- Chairman Ben Bernanke is telling Congress that the U.S. job market remains weak and that it is too soon for the Federal Reserve to end its extraordinary stimulus programs.
BC-US--Dow Record-Three Personal Stories, 1st Ld-Writethru,1173
Dow Record: Three tales of ups, downs and changes
AP Photo FX102, FX103
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By SCOTT MAYEROWITZ
AP Business Writer
NEW YORK (AP) -- When the Dow first crossed 14,000, investors were overjoyed. ...
IN THE NEWS: TEENS MOVING TO TWITTER TO DODGE PARENTS, OTHER BORES
WASHINGTON (AP) -- If you're one of those parents who are on Facebook in part to keep an eye on what your kids are up to -- here's a news flash: your kids are on to you and have moved to Twitter.
DOG BEACH WEAR
LOS ANGELES (AP) -- From bikinis to Hawaiian shirts -- it's time to gear up for the beach.