How the media lies to protect their friends in government...

The Long Road to Recovery

Last week the government released the latest unemployment data. Bloomberg, always ready to roll up the sleeves to help its friends in government (get reelected), was running a headline that “Companies in U.S. Added 67,000 Jobs in August.”

While I haven’t had time to go through the minutiae of the report, I find myself scratching my head at Mr. Market’s rather positive reaction to the report, given the bullet points:

* Manufacturing payrolls declined by 27,000.

* Employment at service-providers fell by 54,000.

* Retailers cut 4,900 workers.

* State and local governments gave walking papers to 10,000 people.

* The federal government cut 111,000 jobs (mostly temporary census workers).

* The number of “underemployed” – people who want full-time work, but have given up and are now working part-time, increased again, from 16.5% to 16.7%.

Link:
http://www.activistpost.com/2010/09/long-road-to-recovery.html