More "Unexpected" Bad Economic News, Jobs Edition
One of my West Coast friends, a legal immigrant from a formerly communist country, called me to report that she lost not one but both of her jobs yesterday. In one case, the company is closing. In another, the company is downsizing. As she's pregnant with her first child, this could not have happened at a worse time.
The Wall Street Journal is reporting that
Private businesses barely added jobs in May as large companies cut workers, according to a report released Wednesday. The news is sure to raise further fears about the second-quarter U.S. economy.
The expectations for May were for 190,000 new jobs. Instead, only 38,000 were added. This only includes private sector jobs so when public sector jobs are added -- following months of layoffs -- we may see further loss. This follows news that the real gross domestic product grew only 1.8% in the first quarter of the year.
Yesterday, the Washington Post reported on a housing market with foreclosures, mortgage problems, pricing cuts and other problems. Well, in all of the country except D.C., of course.
Last week the Post had a piece headlined "Feeling Inspired, But Not Getting Hired." I'm sure that an article about how black men were suffering disproportionately under the economic policies of the previous president would have been just as kind. Aren't you? Of course, when Cornel West scathingly criticized the effect President Obama's policies were having on blacks, people were angry.
But back to today's economic news. Expect to hear that these numbers are surprising and unexpected. In just the last few hours, I've heard "unexpected" half a dozen times.
Michael Barone has an excellent column on this from yesterday, headlined "Pro-Obama Media Always Shocked By Bad Economic News."
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Jan '11
Re: More "Unexpected" Bad Economic News, Jobs Edition
The definition of insanity: doing the same thing but expecting a different result.
Apr '11
Re: More "Unexpected" Bad Economic News, Jobs Edition
This list needs to be updated, but...
Reuters, 7/1/10: “New claims for U.S. jobless benefits unexpectedly rose last week….”
AP, 4/8/10: “Initial jobless claims increase unexpectedly….”
AP, 2/4/10: “The number of newly laid-off workers filing initial claims for jobless benefits rose unexpectedly last week….”
Reuters, 1/8/10: “U.S. employers unexpectedly cut 85,000 jobs….”
Christian Science Monitor, 12/17/09: “Jobless claims rise unexpectedly….”
CNNMoney.com, 12/10/09: “Unemployment claims jump unexpectedly….”
Reuters, 6/25/09: “The number of U.S. workers filing new claims for jobless benefits unexpectedly rose last week….”
It's all very...unexpected!