Texas Rainmaker
al-Reuters: Spinning Good News Into Bad
February 9th, 2006 8:04 am

Our friends at al-Reuters lead the story with this headline:

But look at what the story actually says (if you dare to dive beneath the headline):

The number of U.S. workers making new claims for unemployment benefits rose by a smaller-than-expected 4,000 last week…

Smaller than expected. Which means economists thought it would be worse and it wasn’t.

The four-week moving average of initial claims, which smoothes weekly volatility to yield a more reliable indication of underlying trends in the labor market, declined by 7,750 to 276,500, its lowest level since April 2000.
Even the “more reliable” indicator shows that jobless claims declined… and more importantly they’re at their lowest levels in almost 6 years. In other words, less people filed unemployment claims. In other words, more people had employment. In other words… ah, hell, nevermind. If you don’t get it by now, you never will.
The claims data followed upbeat news from the job market in January, when the U.S. unemployment rate fell to 4.7 percent, its lowest level in 4-1/2 years, as employers hired 193,000 workers in the month.
Analysts say this has mopped up much of the remaining slack in the U.S. labor market and with the economy near full employment — a theoretical level indicating the lowest level of unemployment that can be sustained without triggering wage inflation — the Federal Reserve will keep raising interest rates.
Yet, the headline reads:
Jobless claims up slightly in latest week
Go figure.
Others:
Jonathan has “More Statistical Proof of MSM Bias
Posted by TexasRainmaker |
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