Friday, March 5, 2010

Hopeful Horse Pies

I just opened my afternoon update email from The NYT, and this is the lead story:

Jobless Rate Holds Steady, Raising Hopes of Recovery
The economy in February shed 36,000 nonfarm jobs, fewer
than forecast, as the unemployment rate held at 9.7
percent, the Labor Department said on Friday.

I'm not going to take the time to read it, but two things: First, losing fewer jobs than expected doesn't really seem to me to be a basis for "raising hopes of recovery." Second, the US economy needs to add about 100,000 jobs per month just to keep up with new entries to the job market. I have a number of young friends who will be graduating in the next few months. I can tell you they're not very hopeful. I also know a few grad students who are finding ways to procrastinate on finishing up. That blurb just seems insulting.

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