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May 02, 2008

Unemployment Rate Falls…Democrats and Economics Reporters Hit Hardest

You can almost feel the physical pain of the reporter as she tries to write this story in a way that doesn’t violate the Worst Economy Meta-Narrative (All Praise The Meta-Narrative).

Employers cut far fewer jobs in April than in recent months and the unemployment rate dropped to 5 percent, a better-than-expected showing that nonetheless reveals strains in the nation's labor market.

For the fourth month in a row, the economy lost jobs, the Labor Department reported Friday. But in April the losses totaled 20,000, an improvement from the 81,000 reductions in payrolls logged in March. Job losses for both February and March turned out to be a bit deeper than previously reported.

The latest snapshot of the nationwide employment conditions — while clearly still weak — was better than many economists were anticipating. They were bracing for job cuts of 75,000 and for the unemployment rate to climb to 5.2 percent.

The unemployment rate, derived from a different statistical survey than the payroll figures, fell to 5 percent from 5.1 percent in March. That survey showed more people finding employment than those who didn't.

Businesses are handing out pink slips as they cope with an economy that is teetering on the edge of a recession, or possibly in one already. A severe housing slump, harder-to-get credit and financial turmoil have forced people and businesses to be more cautious in their spending. And that has hurt the economy.

Yes, we are possibly in a recession if we are all allowed to make up our own definition of what that means. Right now the favored formulation seems to be, weak growth+Republican administration+need to elect Democrats=RECESSION.

I love how now we are told that the unemployment rate isn’t really the story. Funny but that never seemed to be the case before. Yet now when it shows a sliver of hope it must be ignored or disparaged.

Later in the article she manages a ‘keep hope alive’ moment when she says economists still think (fingers crossed!) that the unemployment rate will hit 6% later this year.

Nobody is saying the economy is roaring along but it’s certainly nothing like what the Democrats and media (pardon the repetition) would like, nay need, us to believe.

BTW-The Dow closed over 13,000 yesterday and is up 75 at this moment...no Cowbell but still good news.


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posted by DrewM. at 10:42 AM

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