Although some media outlets, such as the Los Angeles Times print edition, were crowing about the latest unemployment report, it is really not too exciting and remains essentially flat. The Times quoted someone saying that it showed great gains and represented the economy reaching “escape velocity” from the recession. The recession, be it noted, was officially declared over some months ago.
I am linking to two of Karl Denninger’s pieces for a specific reason. It is a good example of his making predictions, checking the results against his predictions and moving on. I don’t think he is one of the wonder prognosticators who makes a flashy prediction and then disappears.
In his analysis the unemployment rate is essentially flat – but other indicators, participation rate etc., are not so good.
A similar view is here:
I file this under: “No Good Economic News Under a Republican President and No Bad Economic News Under a Democratic President”
Some years ago when George Bush was president, the LA Times ran an article which said that personal income was up – but so was poverty! The income figures were based on stats from the government and the poverty argument was being made by an academic survey team. They should have been seperate articles, one side-bar for the other, but instead the Times jammed them into one to prevent good economic news from seeing the light of day. Unfortunately, the “good news” of the day may have been essentially manufactured by the conditions creating the bubble we are living in today. It is hard to find your way in this thicket…
BTW: Another interesting piece:
Job creation remains anemic, and it is hard find jobs if you haven’t worked in a while….
Oh, and Gallup says unemployment is closer to 10.3%