Is Anyone Else Sick of the "Jobs Data" Reports?
Last weeks' jobs data report showed employment rose "more than estimates": a whopping 175,000. In fact, the last two months totals were adjusted to show 25,000 more jobs than originally reported in December and January. Imagine: 25,000 in a total population of around 317 million. Things must be getting better, right?
And that's what's gotten me sick and tired of these jobs data reports. Every little blip up or down elicits "analysis" about the economy and whether it's getting better or not. Friday, the stock market jumped on the "more than estimates" report, and so it was reported:
And in case you've forgotten that weak jobs growth has really been the fault of our colder than average winter, my favorite from Reuters:
And that's what's gotten me sick and tired of these jobs data reports. Every little blip up or down elicits "analysis" about the economy and whether it's getting better or not. Friday, the stock market jumped on the "more than estimates" report, and so it was reported:
Job Gains Ease Worry on Growth (Wall Street Journal)
U.S. Stocks Rise as Job Gains Overshadow Ukraine Concern (Bloomberg)
And in case you've forgotten that weak jobs growth has really been the fault of our colder than average winter, my favorite from Reuters:
U.S job growth offers upbeat sign for weather-beaten economy
Really, can this get more absurd? Think about what's being claimed here. For February, 175,000 jobs were added. Of course, you wouldn't know that from the headline. You'd have to actually read the story. Question: If 175,000 were so impressive, why wouldn't that be in the headline? Just asking.
25,000 more jobs than originally thought were added over two months - not one, but two. That's an additional 12,500 new jobs per month - in the entire U.S.A., a country with a population of 317,000,000. O rapture...O joy!
Hold on a minute. What about the fact that unemployment actually ticked up to 6.7% from 6.6%. You'd have to look hard to see that reported in the same clear, forthright manner as the above headlines. But not to worry, if you took the trouble to look around, you'd find this from the Wall Street Journal:
Don't Sweat the Rise in the Unemployment Rate
The U.S. unemployment rate ticked up to 6.7% but a broader measure of joblessness actually fell 0.1 percentage point to 12.6%, offering a hint of positive news.
As for the stock market, the Dow, the S&P, and the NASDAQ all shot up when the jobs data was reported. Of course, the Dow and the S&P did drift down during the day and the NASDAQ finished negative. But no need to rain on our parade with that sort of news, right?
But wait! Maybe I'm the one with the problem here. Yeah, that's it. Let me re-read all this and see if things don't start looking up...Sure, I feel it now. It's happy time. I get it. I couldn't possibly feel better about things now...that is until my mind shakes off the soothing headlines and my reason kicks in. But why bother with that? Thinking is too "negative" at a joyous time like this, don't you think? Just read what you're fed and "feel" better. Either that or keep your wretched thinking to yourself. Stop trying to spoil things for the rest of us, OK?
But wait! Maybe I'm the one with the problem here. Yeah, that's it. Let me re-read all this and see if things don't start looking up...Sure, I feel it now. It's happy time. I get it. I couldn't possibly feel better about things now...that is until my mind shakes off the soothing headlines and my reason kicks in. But why bother with that? Thinking is too "negative" at a joyous time like this, don't you think? Just read what you're fed and "feel" better. Either that or keep your wretched thinking to yourself. Stop trying to spoil things for the rest of us, OK?
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