Friday, August 06, 2004

Steady Growth?

"We're witnessing steady growth, steady growth. And that's important. We don't need boom-or-bust-type growth." -- George W. Bush, July 2nd, in response to jobs report showing only 112,000 new jobs created in June.

 

Hiring by U.S. employers slowed significantly in July, according to a government report Friday, as the number of new jobs added to payrolls came in far below Wall Street expectations. The Labor Department report showed only 32,000 new net jobs added to payrolls during the month, down from a revised 78,000 jobs that were added in June. - CNN

Why is it that past economic numbers are always revised "down" in this administration? They couldn't be cooking the books on the initial reports could they?

But they wouldn't do that would they?

Update:

I know that economics is a black art, but why have they been so consistently off the mark the last few months?

Economists surveyed by Briefing.com forecast a 243,000 gain in jobs, and the unemployment rate staying unchanged at 5.6 percent. Economists surveyed by Reuters had a median jobs growth forecast of 228,000, with a range of estimates between 200,000 and 300,000.

This is the second straight month of jobs growth far below economists' forecasts, following three months that showed strong jobs growth starting in March. The June report had initially showed 112,000 jobs added, rather the 250,000 forecast at that time.

But Friday's report missed the target by even a wider margin.

Are they basing their forecasts on the aforementioned cooked numbers coming out of the administration?

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