Reporting from Washington— The long-struggling economy is picking up a head of steam, with government data showing the unemployment rate dropping to a nearly three-year low in December as businesses in a wide range of industries created a solid batch of new jobs.
The strengthening labor market could bolster consumer income and confidence, giving a lift to spending and economic growth. That, in turn, could lead more businesses to step up hiring.
The jobless rate edged down to 8.5% from a revised 8.7% in November, continuing a steady decline from 9.1% in August, the government said.
The panting continues at Yahoo News: December Jobs Report: Good Economic News, Better Political News. All because it helps the lapdog media in their main job in 2012...re-electing the Chicago Jesus, Richard Milhous Obama.
The day after my first post at this blog, I posted the following story about the December jobs report under George W. Bush:
AP: What Great Economy?
Leave it to AP and the MSM (mainstream media) for playing the role of Doubting Thomas as it relates to the U.S. economy
AP: Consumer Confidence Takes Drop in January
AP: Unemployment falls to 4.9 (Yet only modest job growth in December)
Remember the late 1990's? If a Clinton (or any other Democrat) was President right now, AP and the rest of the media would be screaming breathlessly how this is the greatest economy ever and the streets are paved with gold. Yet, if it's a Bush presidency, they have to do their best to create some doubts in people's minds. Yeah, if I only got my news from AP, I'd think the sky was falling too!
So, under Bush, a 4.9 percent unemployment rate sucked compared to Obama's 8.5 percent. Even that is a highly suspcious number, as the labor force actually declined (Zero Hedge, via Weasel Zippers).
Yet the unemployment rate trickery still continues, with labor force participation (prior revised), now at a 27 year low of 64%, and the labor force itself declined by 50K from 153,937 to 153,887. In fact, persons not in the labor force have increased by 7.5 million since January 2007! Bottom line — dropping out of labor statistics is the new killing it.
By all rights, the unemployment rate should really be 10.9, instead of 8.5 percent. But Obama needs to be re-elected and he's busy sweeping the dirt under the bed, or doing as I did back in the fifth grade in trying to make my parents believe I was bringing my grades up.
And his PR agents in the lapdog media are buying and regurgitating the propaganda without question.