Daniel Greenfield, a Shillman Journalism Fellow at the Freedom Center, is a New York writer focusing on radical Islam. He is completing a book on the international challenges America faces in the 21st century.
Shockingly enough the numbers are bad and performing below the usual optimistic expectations. Just like every other time.
I’ll just give you the headlines for a taste of how frantically the media is spinning the bad news.
A Disappointing Jobs Report May Mask Economy’s Strength – NPR
Jobs Report: Not Good, but Not Terrible Either – New York Times
Don’t freak out about bad jobs report – Washington Post
Why weak August jobs report probably a fluke – MarketWatch
The Awful New Jobs Report Has One Silver Lining – New Republic
It’s a fluke! There’s a silver lining! The bad news is really good news! It’s not good… but it’s not terrible.
U.S. job growth slowed to its lowest level of the year in August, a stumble for labor markets that had delivered a string of steady gains over the prior six months despite uneven economic growth.
Friday’s report could take some pressure off the Federal Reserve, which has been looking for such evidence that excess slack is being whittled away amid a debate over when it might need to increase interest rates.
It’s safe to say the interest rates won’t go up until Yellen is dragged out of there in handcuffs.
After a series of positive economic reports in recent weeks, the Labor Department said Friday that hiring in August sank to its slowest pace since December, with employers adding 142,000 jobs last month.
The vast majority of economists had been looking for a gain of at least 200,000 in payrolls, coming off healthy indicators for durable goods orders, construction activity and manufacturing in July and August.
The unemployment rate did fall by 0.1 percentage point to 6.1 percent last month, but that was because more people dropped out of the work force rather than found jobs.
When everyone leaves the economy, unemployment will finally go down all the way.
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