Worse Initial Job Loss Reports in 2000 Failed to Generate Yesterday's Negative Hyperbole
By Tom Blumer | September 8, 2007 - 16:33 ET
Almost everybody within earshot of a broadcasting device yesterday knows that the Bureau of Labor Statistics (BLS) reported a net loss of 4,000 jobs in the economy in August. Unemployment rate, at 4.6%, was unchanged.
Reporting, and misreporting, by the New York Times and Associated Press set Old Media's template for the story. Some reports, including this one by Vikas Bajaj at the Times, laid the entire onus of the loss on private companies:
Companies reduced their payrolls by 4,000 jobs in August, a sudden turnaround from the net increase of 68,000 jobs in July.
That is wrong, as the Associated Press noted:
The government actually sliced 28,000 jobs, while all private employers added 24,000, the fewest since February 2004.
2007-09-09
04:25:49
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