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‘163K Solid Jobs’ Push Up Jobless Rate To 8.3%

From the Agence France-Presse:

US economy creates solid 163,000 jobs in July

Friday August 3, 2012

The US economy created a solid 163,000 jobs in July, the Labor Department said Friday, unveiling data that will help President Barack Obama dull attacks from his Republican election rival.

This isn’t journalism. This is creative writing. Or rather, propaganda.

The economy created many more jobs than the 100,000 expected from economists, and although the unemployment rate ticked up to 8.3 percent, the report is likely to be seen as evidence that the economy is still on track…

Notice how all of the news media are now using this tactic of citing dire even more predictions from anonymous economists to try to make bad news sound like good news. It is disgraceful.

Even Reuters manage to be a little more circumspect:

Jobs increase in July, but jobless rate rises to 8.3 percent

By Lucia Mutikani | Friday August 3, 2012

WASHINGTON (Reuters) – Employers in July hired the most workers in five months, but an increase in the jobless rate to 8.3 percent will probably keep expectations of additional monetary stimulus from the Federal Reserve intact

Reuters is telling Wall Street that there is going to be a QE3. They don’t want the stock market to tank.

Nonfarm payrolls rose 163,000 last month, the Labor Department said on Friday, beating economists expectations for a 100,000 gain.

There they go again.

The report was dimmed somewhat by the increase in the jobless rate from 8.2 percent in June, even as more people gave up the search for work.

So the monthly unemployment report was “dimmed somewhat” by the fact that the jobless rate went up? What was the good news again?

In addition, employment for May and June was revised to show 6,000 fewer jobs created than previously reported…

What a shock. Not that last month’s already dismal numbers were revised still lower. No, the shock is that Reuters managed to report it.

This article was posted by Steve Gilbert on Friday, August 3rd, 2012. Comments are currently closed.

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