This time, it’s me I am accusing. Not Obama.
I have been reading the reports of the unemployment situation today and two things have stood out. The first, from the BLS:
The unemployment rate edged down to 10.0 percent in November, and nonfarm payroll employment was essentially unchanged (-11,000)
And the second from MarketWatch:
The report was much better than expected by economists surveyed by MarketWatch, who were looking for 100,000 fewer jobs…
Okay, let’s start with #2 first. I have seen several reports that show November was expected to lose 100,000 to 130,000 jobs. And we came in losing only 11,000. No one, not ONE single person O have seen has stopped and said, “Huh”? This is off by just a little bit folks. These guys were off by a FACTOR OF TEN! No one is THAT wrong and gets away with it. Unless of course, you are Al Gore.
So, okay, experts were wrong. And by a lot. But that gets us to point #1. We still lost jobs.
In October, unemployment stood at 10.2%. We lost jobs. Even if it was only 1, we lost net jobs. The rate HAS to stay the same or get worse. Right? Wrong. We lost job AND the unemployment rate got better.
Weird.
Unrelated news. Houston is expecting 2 inches of snow. Silly polar bears need migrate!