Hmm, Math May Not Be My Strong Suit

But it seems even to my feeble brain that, given the following data

Private Sector Jobs Lost/Gained in June: -463,000
Private Sector Jobs Lost/Gained in July: -371,000

the economy has lost some 834,000 private sector jobs since May. Lost. Not “created or saved” as we’ve been promised but out and out lost. I can’t see any other way to interpret the data.

So how in the name of hell does this guy manage to say this:

“It is of course worse than expected, but the number is well off its highs, indicating modest improvement in the labor market,” said Dan Greenhaus, an analyst with Miller Tabak & Co. in New York.

It seems to me that “improvement in the labor market” would require fewer people out of work, when in fact there are 371,000 more people unemployed.

Pretty damned “modest” indeed.

3 Responses to “Hmm, Math May Not Be My Strong Suit”

  1. JeffS says:

    That’s like the captain of the Titanic saying “Well, we’re not sinking as fast as we thought we were!”

  2. Yojimbo says:

    Challenger reports tha planned layoffs were up 31% last month, that’s even worse than the employment stats show. There is no final demand in the economy. All of the improvement in the GDP was due to government, exports and productivity gains.

  3. Jim - PRS says:

    Silly rabbit, you just don’t appreciate nuance, which is why you never understood the wisdom of John Kerry.

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