Hiding The Good Econ News
Will that be the focus of most coverage? I'm not sure, because the stats were a bit lower than Wall Street expected. So here's the same news, recast against previously published expectations:
- Job growth fell 1.5% short of expectations (i.e., Wall Street projected 130,000 jobs)
- Unemployment levels did not fall below Wall Street's expectations
- The "Bush economy" continues to just grow at the low end, with wage increases in the last month falling 33% short of Wall Streets expectations. (i.e., Wall Street thought the average wage would go up three cents instead of two)
But overall, job growth is still seen as sluggish by some economists ....AP: [Let's not get too cheery here ...]
ChiTrib [Covering prior to publication of the numbers]:
The latest snapshot, released by the Labor Department Friday, was a bit brighter than expected and should ease any fears that the expansion that began in late 2001 is in danger of fizzling out.
Still, there are obvious weak spots. Construction spending plunged in July by the largest margin in nearly five years, the Commerce Department reported, another sign of the cooldown in the once sizzling housing market.
"Regarding the monthly figure for the growth of nonfarm payrolls ... economic pundits for years have stated ... that the U.S. economy needs to create 150,000 to 200,000 jobs a month to sustain expansion." (Even if a Dem is president?)As Michael Medved said yesterday, if you want to read good economic news, all you have to do is elect a Democrat president. Then the media will find good news to report, no matter how bleak things get.
Related Tags: MSM, Media bias, Economy, Job growth