BOOM, Called this shit last month after the August report (credit to the columnist)
http://www.neogaf.com/forum/showpost.php?p=41877128&postcount=135
Bingo. BLS numbers almost always lag behind the trend because of how they seasonally adjust. And Sept numbers will be revised up against next month. Throw in the 400k missing til February, and the UE rate is closer to 7.7%
This is why I told PD that the report itself doesn't matter. The report was underscoring the jobs recovery by a lot and now they've caught up a bit and now we see there are 1 million more people working. People feel the economic recovery independent of jobs reports.
And October will be even better than September. And people are not going to change course.