After a net loss of 54,000 jobs in August and an uptick to 9.6% unemployment, this is the headline in today’s New York Times:
Oh really? Whose concerns were eased exactly? At least the author didn’t completely skip the pesky 54,000 lost jobs as Obama did in his Rose Garden comments yesterday. Hot Air notes Reuters also got the talking points:
However, Reuters unexpectedly finds this to be good news:
U.S. employment fell for a third straight month in August, but the decline was far less than expected and private payrolls growth surprised on the upside, easing pressure on the Federal Reserve to prop up growth.
Nonfarm payrolls fell 54,000, the Labor Department said on Friday as temporary jobs to conduct the decennial dropped by 114,000.
Private employment, considered a better gauge of labor market health, increased 67,000 after a revised 107,000 gain in July. In addition, the government revised payrolls for June and July to show 123,000 fewer jobs lost than previously reported.
So we created 40,000 fewer private sector jobs and the unemployment rate went up, and that’s a surprise on the upside? That’s mighty fine spin by Reuters … and completely expected.
Lipstick on a pig.