Unexpectedly, AP hammers Obama administration on jobless report
For a while, the Associated Press seemed determined to make “unexpected” and its variants the most overused term in economic reporting. Today, they give their readers an unexpected shock by dropping the forced sense of optimism normally used in giving bad economic news in their analysis of today’s jobless report. Instead, Christopher Rugaber reports the obvious — that the loss of 85,000 more jobs is nothing but bad news, and that the 10.0% figure hides the rot underneath
We get these graphs from Innocent Bystanders
As has been the case for the past 6 months of unemployment rates, the rate is being suppressed by the number of people who have completely left the job market. In this case, the actual number of jobs is a better measure of how we’re doing.
Ace of Spades
Gibbs fielded a "double-dip recession" question today. He would not answer it (wisely, actually). But that's out there.
Obama's policies are deepening, not diminishing, the recession. And even his biggest fellatists in the media can't pretend differently.
From the Financial Times:
Jobs gloom hits west’s recovery hopes
Grim jobs market reports on both sides of the Atlantic on Friday highlighted the ongoing human cost of the credit crisis and kept alive concerns over the sustainability of the recovery.
In the US, news that the economy shed another 85,000 jobs in December dashed hopes that a quickening labour market turnround could add momentum to the rebound and make it more robust.