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AP: Economy Adds 155K Jobs! (Jobless Rate Up)

From the endlessly campaigning Associated Press:

US economy adds 155K jobs, rate stays at 7.8 pct.

US economy adds 155,000 jobs in December, unemployment rate stays at 7.8 percent

By Christopher s. Rugaber | January 4, 2013

Notice the AP’s mendacity here. November’s month’s unemployment rate was revised up from 7.7%, which is the only reason the December rate ‘stayed at 7.8%. In fact, by the AP’s way of reporting, the unemployment rate for December actually went up.

Note too how they lead with the number of new jobs, as if that is a great number, when it fact it is a lousy number.

WASHINGTON (AP) — U.S. employers added 155,000 jobs in December, a steady gain that shows hiring held up during tense fiscal cliff negotiations in Washington.

The solid job growth wasn’t enough to push down the unemployment rate, which stayed 7.8 percent last month, according to the Labor Department’s report Friday. November’s rate was revised higher from an initially reported 7.7 percent…

"Solid job growth"? Doesn’t the AP realize that the election is over? Or are they already working towards the 2014 midterms?

Even with the gains, hiring is far from accelerating. Employers added an average of 153,000 jobs a month last year, matching the monthly average in 2011.

Employers added 1.84 million jobs in 2012, the same as the previous year.

And we all remember what how great 2011 and 2012 were. They were so great that every economist agrees that this is the worst economic recovery in our nation’s history.

Still, the stable hiring last month means employers didn’t panic during the high-stakes talks between Congress and the White House over tax increases and spending cuts that were not resolved until the new year. That’s a good sign for the coming months, since more budget disputes are expected…

What a laugh. The AP must think employers are as ignorant as they are.

Still, the economy is improving. Layoffs are declining, and the number of people who sought unemployment aid in the past month is near a four-year low…

And never mind that last week’s unemployment claims, reported just yesterday, hit a five month high. The AP can’t be expected to keep up with the news.

The AP is so over the top they almost make Reuters seem pessimistic.

From Reuters:

Job growth cools slightly, recovery grinds on

By Jason Lange | January 4, 2013

WASHINGTON (Reuters) – The pace of hiring by U.S. employers eased slightly in December, pointing to a lackluster pace of economic growth that was unable to make further inroads in the country’s still high unemployment rate.

Payrolls outside the farming sector grew 155,000 last month, the Labor Department said on Friday. That was in line with analysts’ expectations and slightly below the level for November…

That should reinforce expectations that the economy will grow about 2 percent this year, unlikely to quickly bring down the unemployment rate or make the U.S. Federal Reserve rethink its easy-money policies, which have been propping up the recovery…

Huh. Funny how we never heard about this "propping up" before the elections.

Most economists expect the U.S. economy will be held back by tax hikes this year as well as by weak spending by households and businesses, which are still trying to reduce their debt burdens…

"Tax hikes" hurt the economy? The hell you say!

This article was posted by Steve Gilbert on Friday, January 4th, 2013. Comments are currently closed.

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