No Jobs = No Recovery
Thursday, August 12, 2010 at 8:21AM The Department of Labor released its weekly initial jobless claims today. They weren't good - at 484,000 people, the highest level in 6 months they were up by 2000 people since last week, and 14,250 since the prior week. The department also revised its previous claims estimates upwards. The trend and the reality continue to be unfortunately, dismal. We are still losing jobs.
And yet, news outlets continue to report this negative information as merely some kind of unanticipated interruption in the economic recovery we're all supposed to be enjoying (according to Tim Geithner, Ben Bernanke and the rest of Washington, anyway). This morning's interpretations of the claims? They were higher than analysts' expectations.' I continue to be amazed, not that economists keep getting it wrong, but that the media hasn't figured out that they are consistently overestimating the 'recovery' and underestimating the true deterioration in the economic condition of the country.
Initial Jobless Claims, Jobs, Recovery, Tim Geithner 
Reader Comments (1)
Interesting points, Nomi. I believe the media's just trying to lift people's spirits up--trying to tell everyone that hard times should be over soon. But I know this isn't the media's job. I understand that they're supposed to be giving just facts.
Darwin Jones
http://www.mylittlerockjobs.com