CNN: 473,000 Lost Jobs=Improvement
If Things Get Any Better We'll All Be Unemployed
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.