There was an interesting tension on the Yahoo finance page this morning. The Top Story feature was a 9:11am (before the opening bell) Reuters "news" report, Job Growth in January Disappoints:
"The U.S. economy created just 112,000 new jobs in January, far fewer than expected [150,000], government data showed on Friday in a disappointing report that will likely weigh on President Bush's re-election campaign."
Immediately below this was Yahoo's Market Update whose latest news was:
"9:45AM: Equities land in the green in the opening action, drawing support from a January employment report that - despite its weaker than expected nonfarm payrolls number - was encouraging for both the economy's recovery and market sentiment... "
Gosh, for 34 minutes there Reuters had a good anti-Bush spin going!
UPDATE: The Reuters "news" was replaced by a CBS dispatch, U.S. stocks broadly higher as data soothes rate fears.
Once again we have evidence showing that the biggest threat to the beliefs, hopes and desires of anti-Bush partisans is... reality.
Posted by JohnGalt at February 6, 2004 09:46 AMA significant problem is with the statistics. Larry Kudlow has done some interesting commentary on the jobs report vs. the household report.
I am a case in point. By leaving an established company, I count as a job loss but by going to work for a new company that does not report, my new job does not count. So, each of seven at our new company is one of the "3 million jobs Bush Lost..." This is not Hoover, Part Deux.
Lastly, let us not forget Mr. Schumpeter. Destroying jobs is a symptom of the whole economy getting wealthier.
We are still going to hear a lot about this from the Democrats in the next election. I don't think they'll be highlighting the household survey or the theory's of Mr. Schumpeter.
Posted by: jk at February 6, 2004 10:11 AMYep, lies, damn lies, statistics, and economic indicators.
Posted by: Silence Dogood at February 6, 2004 05:22 PMThe Dems are desperately grasping for an angle to use against Bush next fall. They can't use the economy because it's doing well. All they can do is try to convince us that even if we're doing well, our neighbors aren't. After all, three MILLION of them sit around the house all day and wonder how long they'll be able to feed and clothe and keep a roof over the head of their poor, poor family. (And forget about health care... that's the LAST thing they can afford!)
When Reuters says "only" 112,000 jobs were created last month, and that this one particular month's report will "likely weigh on President Bush's re-election campaign" one has to wonder how anyone can claim there is not a huge liberal-bias in the media.
Posted by: johngalt at February 8, 2004 09:04 AM