When the New York Times calls the White House spin on the jobs report bull $hit you know there is problem.
The only way to turn the economy around is to remove the gavel from Pelosi's hand! Unemployment checks are not the answer.“Today’s employment report shows continued signs of gradual labor market recovery,” crows Christina Romer, the head of the president’s council of economic advisers. “Private nonfarm payroll employment increased by 83,000 in June and the unemployment rate fell two-tenths of a percentage point to 9.5%. June marks the sixth month in a row that private sector employment has increased. These continued signs of healing are important …” Indeed they are. Or are they? “A brutal unemployment report this month,” reports Washington Post blogger Ezra Klein. “Payrolls dropped by 125,000. In another one of those unwanted lessons in how we calculate unemployment data, the unemployment rate dropped from 9.7 percent to 9.5 percent — but not because people got hired. Instead, 652,000 people gave up and stopped looking for work. And that number might be higher than it looks, as the natural monthly growth in the labor force is about 100,000 — so to see a 652,000-person drop might mean something like 752,000 current workers left as 100,000 new workers entered.”
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