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Jobless Rate Increase ‘Shows Economic Growth’

From an always compliant Reuters:

White House says jobs report shows signs of economic growth

Feb 1, 2013

WASHINGTON (Reuters) – Friday’s jobs report shows the U.S. economy is improving, but Congress needs to act on policies that promote growth and avoid deep cuts slated to take effect next month, said Alan Krueger, a White House economist.

You see, a higher unemployment rate just proves that the economy is improving. But we still need to spend more taxpayer dollars and stop all those spending cuts.

"The administration continues to urge Congress to move toward a sustainable federal budget in a responsible way that balances revenue and spending, and replaces the sequester (defense spending cuts, while making critical investments in the economy that promote growth and job creation," Krueger said in a blog post.

This is how Reuters first reports last month’s unemployment rate. This is their entire article.

They don’t even bother to report any of the actual numbers, which would only confuse their low information target audience, anyway. They just rush out the White House talking points as quickly as they can.

But the spin from the Associated Press is almost as bad:

US gains 157K jobs; jobless rate rises to 7.9 pct.

By CHRISTOPHER S. RUGABER | February 1, 2013

WASHINGTON (AP) — U.S. employers added 157,000 jobs in January, and hiring was much stronger at the end of 2012 than previously thought, providing reassurance that the job market held steady even as economic growth stalled.

What a lead. Again, the AP is hoping that is as far as their low information readers will read. And they are probably right.

The Labor Department report Friday showed a jump in hiring in the final two months of last year, just when the economy was sputtering and facing the threat of deep spending cuts and tax increases from the fiscal cliff. The department revised up the estimated job gains for November from 161,000 to 247,000 and for December from 155,000 to 196,000…

Yes, we are supposed to believe that employers went on a hiring tear while the GDP was contracting and everyone was afraid of the fiscal cliff.

The mostly encouraging jobs report included one negative sign: The unemployment rate rose to 7.9 percent from 7.8 percent in December.

You see, the only negative sign in last month’s unemployment report is that the unemployment rate went up. Other than that, the unemployment news is great.

The rate is calculated from a survey of households, and more people in that survey said they were unemployed. The monthly job gains are derived from a separate survey of employers.

Which the Labor Department then ‘seasonally adjusts,’ since employers really have no idea how many people they actually hired.

The hiring picture over the past two years also looked stronger after the department’s annual revisions. The revisions showed that employers added an average of roughly 180,000 jobs a month in 2012 and 2011. That was up from previous estimates of about 150,000…

You see? Those stupid employers thought they had only hired 150,000 people, but they had actually hired 180,000 after the Labor Department ‘seasonally adjusted’ their bogus numbers.

Stock futures rose sharply after the report was released at 8:30 a.m. Eastern time…

What does the stock market know?

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

2 Responses to “Jobless Rate Increase ‘Shows Economic Growth’”

  1. GetBackJack says:

    Dear Abby,

    My husband has a long record of money problems. He runs up huge credit card bills, and at the end of the month if I try to pay them off he shouts at me, saying I am stealing his money. He says pay the minimum and let our kids worry about the rest, but already we can hardly keep up with the interest.

    Also he has been so arrogant and abusive toward our neighbors that most of them no longer speak to us. The few that do are an odd bunch, to whom he has been giving a lot of expensive gifts, running up our bills even more. Also, he has gotten religious. One week he hangs out with Catholics and the next with people who say the Pope is the Anti-Christ, and the next he’s with Muslims. Finally, the last straw: he’s demanding that before anyone can be in the same room with him, he or she must sign a loyalty oath. It’s just so horribly creepy!

    Can you help?

    Signed, Lost

    Dear Lost,
Suck it up and stop whining, Michelle. You’re getting to live in the White House for free, travel the world, and have others pay for everything for you. You can divorce the jerk any time you want. The rest of us are stuck with the idiot for 4 more years.

    Signed, Abby

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