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CNN: 473,000 Lost Jobs=Improvement

If Things Get Any Better We'll All Be Unemployed

By: Brian Faughnan (Diary)  |  July 1st, 2009 at 10:09 AM  | 

RESIZE: AAA

George Bush would have killed for coverage like this. Considering the surprising strength of the economy in the wake of the September 11 attacks, he’d be posing for Mount Rushmore if the press had treated him the way they are treating Obama:

Job market shows some improvement

…Automatic Data Processing, a payroll-processing firm, said private-sector employers cut 473,000 jobs in June, a 2.5% improvement from the revised 485,000 drop in May.

The June job cut total was more than expected. Economists surveyed by Briefing.com had forecast a loss of 394,000 jobs last month.

However, the May tally was revised lower. ADP originally reported a loss of 532,000 private-sector jobs in May…

If you follow the same story in the Wall Street Journal, you learn that the apparent easing of job losses in May is likely nothing more than a blip:

In another Wednesday job report, TrimTabs Investment Research estimated that job losses accelerated last month, with 472,000 jobs lost in June. TrimTabs uses daily income-tax withholdings to the U.S. Treasury to estimate changes in employment.

“Job losses slowed temporarily in May as consumers benefited from income tax refunds, President Obama’s tax credit, low interest rates, and low energy costs,” said Charles Biderman, chief executive of TrimTabs. “With the exception of the tax credit, all of those factors have disappeared or reversed.”

But apart from that, everything is coming up roses now that Barack Obama is in the White House. I know times are great because the mainstream media tells me so. This seems to be their model:

Remember: Robert Gibbs says it’s time to start judging the results of Obamanomics.

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  • Patricia_C

    … but I guess (according to CNN) this would also be spun as an “improvement”.

    http://www.newsmax.com/insidecover/obama_rasmussen_poll/2009/06/30/230686.html?s=al&promo_code=8287-1

    • peg_c

      -nt-

      • Patricia_C

        I have a negative approval of “Teh Won” as well…
        Well… at least we get to say “Neener Neener Neener” as lot.

    • GCBWI

      start showing up as negative?

      i seem to remember that for the past several weeks, people have been pointing out that the percentage of people who “strongly disapprove” of Obama’s performance has been larger than the percentage of those who “strongly approve”.

      Yet i keep seeing statements that imply that this is something new.

  • char

    And make sure to highlight how many stimulus jobs were created in June.

  • E Pluribus Unum

    Yeah, any more economic victories like this, and we’ll be wrecked but good.

    Does everybody feel good and stimulated yet? I know I sure do. Glad we passed that Stimulus Package.

  • peg_c

    When unemployment was just over 4% under W, they were screaming recession. Insanity has ceased to explain the Drive-Bys on this one. Total toadying, sycophantic brown nosers, more like.

  • constitutionalistconservative

    First time trying to post a link on RS. Hope this works: http://www.bls.gov/news.release/empsit.t12.htm

    “Real Unemployment” is: 16.4%. Based upon these factors: Total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers.

    ***Marginally attached workers are persons who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the recent past.

    If this is any indicator, things are actually going to be getting worse in the near future, not better.

    • Brian Faughnan

      Under Republican presidents we hear all about the underemployed, and about how underemployment is the real measure of just how bad the economy is.

      Obama should get the same treatment.

      • constitutionalistconservative

        Back in the past, when we saw drastic reductions in employment rates, we saw the interest rise in entrepreneurial ventures (small businesses, franchises, etc.). Many hard working individuals will come up with creative and exciting ways to better their future if the risk / reward ratio is right.

        However, with President Obama’s plans to tax pretty much all businesses, large and small (through cap & trade), along with the creation of a restrictive healthcare plan; I fear we will see little interest in unemployed hard workers willing to go out on the limb to start his/her own venture. The risk to reward ratio, in starting a business today, is becoming so skewed that fewer people are considering starting their own businesses due to the tax ramifications and government intervention.

        I believe in the American Spirit and American ingenuity and pray that those folks considering creating their own businesses take the leap of faith (even if you have to start your business part time while employed). Owning your own business is the only way you can be in complete control of yours and your family’s financial destiny.

        • mom2oneson

          There is so much opportunity with the internet too. So many young adults just don’t think in terms of having their own business. It doesn’t even occur to them.

          • constitutionalistconservative

            My biggest concern in the realm of small business today is that the entrepreneur is competing with the Government for dollars. As the Government (look at California, whom is considering issuing IOUs out to the CA employees and debt holders) searches for new funding of its massive debt, it is competing for actual dollars that would be utilized to jump start or expand entrepreneurial dreams.

            When was the last time you saw a commercial or print ad discussing the SBA? The Government is having to pimp itself out to anyone willing to hand over a buck so they can continue with their socialistic agenda. When the Government competes with entrepreneurs for dollars, the economy will suffer. This means that more entrepreneurial ventures will need to be started as smaller operations with tighter budgets and super narrow focus on their goals.

            If you are thinking about starting a business and need an inexpensive resource to get information about where to begin, please check out: http://www.score.org/index.html (As part of the SBA – this is a place where your tax dollars can actually help you achieve your entrepreneurial dream).

            The American Dream is still alive, you just can’t rely on the Government to provide it for you.

  • djemi

    CNN comes in at 23rd in the Prime time ratings for the 2nd qtr. FoxNews 3rd
    CNN = 19th in the Total day programming, Fox 5th.
    And FoxNews holds the top ten spots, CNNs best is 14th with LKL.

    Sats found at the Huff post via HotAir

  • The_Rebel

    on the unemployment rate for May, it will probably go up to 9.6% from 9.4% in April. How does CNN propose to spin that as a positive?

  • redneck_hippie

    in unemployment unless and until the number of hours worked increases. There is very good historical data on this.

    Here is an article. You should read it, even if it is in the NYT.

    http://economix.blogs.nytimes.com/2009/06/12/the-shrinking-workweek/?hp

    At the bottom of the article is a link to a nifty graph demonstrating the scary looking decline in hours worked.