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AP: Hiring Solid Despite A (Now?) Weak Economy

From the Associated Press:

US unemployment claims fall to 326K, 5 ½-year low

By PAUL WISEMAN | August 1, 2013

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell 19,000 last week to a seasonally adjusted 326,000, the fewest since January 2008. The decline shows the job market continues to strengthen.

For the record, last week’s number was revised up by 2,000, from 343,000 to 345,000. As it always is.

Applications, which are a proxy for layoffs, have fallen more than 12 percent this year. That’s coincided with average job growth of 202,000 a month since January, up from an average of 180,000 in the previous six months.

Lest we forget back in 2010, Joe Biden promised 500,000 new jobs a month. (See below.)

On Friday, the government reports on July job growth and unemployment. Analysts forecast 183,000 jobs were added last month, and the unemployment rate fell to 7.5 percent from 7.6 percent in June…

The always wrong analysts?

Hiring has remained solid despite a weak economy. The Commerce Department reported Wednesday that the economy grew at a 1.7 percent annual rate from April through June. That’s better than the revised 1.1 percent growth rate from January through March. But it’s still too sluggish to rapidly lower unemployment.

Even if we believe these numbers, 200,000 jobs a month is not "solid" hiring. But notice that all of a sudden the AP is calling 1.7% GDP a "weak economy." Yesterday we were told it was a roaring economy. Maybe the chance is because:

The Federal Reserve on Wednesday downgraded its assessment of the economy’s strength, saying it is growing only modestly. The Fed expects growth will pick up in the second half of the year.

The hilarious thing here is that the administration and their media minions are in a bind. On the one hand they have to try to talk up the economy at every turn. But on the other hand, they don’t want the FED to stop printing $85B a month, which will cause the stock market to collapse. So they have to pretend that the economy is great and lousy at the same time.

And they just hope that their low information constituents never notice. Which is a safe bet. After all, they have forgotten about so many of the promises from this administration.

In fact, here is one via the archives of the Washington Post:

Biden forecasts growth of up to 500,000 new jobs a month

Biden forecasts hefty job growth

By Garance Franke-Ruta and Frank Ahrens | Saturday, April 24, 2010

Vice President Biden predicted Friday that the U.S. economy would be adding up to 500,000 jobs each month "some time in the next couple of months."

Biden said… I’m here to tell you, some time in the next couple of months, we’re going to be creating between 250,000 jobs a month and 500,000 jobs a month.

"We caught a lot of bad breaks on the way down," Biden added. "We’re going to catch a few good breaks because of good planning on the way up." …

That was way back in our second summer of recovery. This is now our fifth.

This article was posted by Steve on Thursday, August 1st, 2013. Comments are currently closed.

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