Just when you thought you knew how to read numbers, the left wing media (redundant) and the wizard of 0 himself teach you the new, new improved left-leaning ObamaMath! All those job losses you see? Why they are just super news for the economy!
Flanked by members of his economic team – including outgoing Council of Economic Advisers Dr. Christina Romer, whose replacement has yet to be named – President Obama chose to look at the silver lining in the economic clouds of today’s jobs report – not even mentioning that August saw a net job loss of 54,000 jobs.
“In the month I took office, we were losing 750,000 jobs a month,” the president said. “This morning, new figures show the economy produced 67,000 private sector jobs in August, the eighth consecutive month of private job growth. Additionally, the numbers for July were revised upward to 107,000. Now that’s positive news, and it reflects the steps we’ve already taken to break the back of this recession.”
The net job loss for August is largely because of the layoffs of 114,000 Census temporary workers.
That’s Jake Tapper at ABC – one of the few in the media who are not trying to spin this as positive. Tapper is just about the last network/major media reporter who is trying to tell it straight. But you can see the emerald house spin in this report. Then there’s this beauty from Time Magazine:
So is this jobs report the latest sign that we are headed for a double dip? Probably not. Actually it’s the opposite. Despite what it looks like, today’s jobs numbers are good news for the economy. Mark Zandi, a closely watched economist, had this to say on CNBC when the job report was announced, “It solidifies the idea the economic recovery is going to remain intact.”
What’s going on here? First of all, a good part of the job losses came from the government. If you just look at the private sector, the economy actually added 67,000 positions. People getting off government payrolls and being hired by corporations or small businesses is a good sign. That’s the handoff hopefully between the stimulus and economic growth kicking in. But the bigger point may be this: The unemployment rate, probably the most famous of economic gauges, may actually be a very bad indicator of how healthy the economy is.
The number of first-time filers for unemployment insurance fell for a second straight week last week, but the level suggests that the labor market remains sluggish.
There were 472,000 initial jobless claims filed in the week ended Aug. 28, down 6,000 from an upwardly revised 478,000 the previous week, according to the Labor Department’s weekly report…
…”This report is a step in the right direction, but this range is not where we want to stay,” said Robert Dye, senior economist at PNC Financial Services.
Here’s the thing. Last week they reported 473,000 first time filers. They revised it upward by 5,000 in the week since that report. And are now trumpeting the 1,000 decline from the unrevised number ( a whopping 0.2% lower number) as a “step in the right direction. That is not a step, it is noise on the system.
One wonders what path the “experts” are stepping out on. And what they are smoking along the way.
The fact is that these numbers are flat-out appalling. But to the purveyors of 0truth, anything can be spun into a positive.
And they can’t figure out why nobody is listening to them anymore.
Tapper link via Memeorandum. You can go over there and see how the lapdog lefties are dutifully reporting the emerald house spin on the numbers. You can’t have too many munchkins in 0truth space.