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Media Manipulation Continues When Discussing Job Market

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August 05, 2009 – Comments (1)

I was watching the CNBC this morning waiting for the countdown to 8:15am when ADP announced their estimates of job losses.  You would think that job losses would be one area where the media can't manipulate it into a positive.  Well I guess I was wrong again!

371,000 jobs lost in July which is actually worse than the MEDIAN of estimates earlier in the month by 26 economists.

But that isn't bad because:

Reporter 1: "It is less than last month"

Reporter 2: "Well last month ADP's estimate was actually 10,000 more than actual results"

Reporter 3: "Hey look I see a 'V', that must mean we are going to rocket up in the coming month"

I think none of these people I see on TV ever visit any city other than their own.  I have seen more store closings, town vacancies, and yard sales than I ever have in my life.  Our company which was hiring people like crazy just a year ago has now stopped somewhat. 

How high you think unemployment will reach by end of year?  I think 11%+.  How about you?

1 Comments – Post Your Own

#1) On August 05, 2009 at 11:22 AM, davejh23 (< 20) wrote:

I think the actual government reported number for December will be closer to 10.1%.  However, we are starting to see hundreds of thousands dropping off the unemployment rolls without jobs, so the real number should be quite a bit higher than this.  11%+ is probably a conservative estimate, and the U6 number should probably be 20%+...with the reduction of hours in the average work week, maybe it should be much higher.

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