Does the September jobs report add up?

>>> welcome back. we're still scratching our heads. these numbers, you look at all the, look at the matrix, how it's set up. these numbers don't make any sense.

>> we need more explanation. we're reading through the report in great detail right now because 114,000 jobs were added which is below population growth. a lot of people who projected that number as miles said, said if it comes down about 113 or 120 you get about 8.1% unemployment. and now we've had a major tick down to 7.8% unemployment. so we're still working through this.

>> this isn't a time when we are seeing the worst long-term unemployment in recent history.

>> and the participation rates are historically low. there is an uptick of 0.1%. these numbers don't add up. you said jack welch who has been called by many the ceo of the past quarter century, a guy we know very well. jack welch has an opinion on this.

>> he has a tweet being widely retweeted. i read from jack's certified twitter account. unbelievable job numbers. these chicago guys will do anything. can't debate so change numbers.

>> okay.

>> that's quite a charge.

>> by jack and mark barnicle, we know jack. he's nonpartisan.

>> not going there. he said that with a wink, right?

>> i don't know.

>> jack?

>> let me tell you something seriously. these numbers don't add up. they just don't. again, i've got no dog in the fight here as far as the numbers go.

>> you want them to be good.

>> we all want them to be good. my dad was unemployed. i always, you know, conservatives always get angry at me when i cheer good economic news. but mike these numbers don't add up. it doesn't make sense it would drop to 7.8% with a weak participation rate and anemic number of jobs added.

>> look, i am totally unqualified to weave my way through these.

>> same here.

>> i'm totally unqualified. i do know this though. these new unemployment numbers while offering promise and hope to a lot of people i'm sure won't offer promise or hope to an enormous number of people who are still unemployed in this country. there's a lot of unemployed people in this country. i don't know where the number came from. i hope it's accurate i just don't know.

>> mika, you talk about long-term unemployment.

>> it's beyond people who have given up. it's people on all levels of the economic spectrum . middle manager, vice presidents , oo years old.

>> people who aren't getting a job back ever.

>> ever. not even close to half.

>> we should be very clear. i don't think any of us at this table are suggesting the obama campaign or the white house is manipulating numbers.

>> no.

>> not at all. we're just digging through the report and want to get it explained.

>> we just read jack welch 's tweet for entertainment value.

>> and to be transparent.

>> i have to tell you. again, these numbers don't seem to add up. and so we need the labor department to explain. this is by the way though every month, every month that comes out this is such an inexact science. not just this month. it's nonsense. they have to figure out a more accurate way.

>> the headline though is "good news for the president." absolutely.

>> the headline is huge political news for the president.

>> we'll be right back with