Media See Recession in Jobs Report Without Historical Reference |
| Published: March 8, 2008, 2:54 pm |
| Tags: 2008 presidential, business coverage, campaigns amp amp elections, economy, unemployment |
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There's no denying the economy is slowing, and may have either entered a recession, or is on the brink of one. Maybe.However, the media's hysterical response to Friday's February jobs report lacked any historical reference to how the labor market behaved in previous recessions.Instead, press outlet after press outlet decided that the loss of 63,000 jobs in February was a clear signal the recession they've been calling for since Hurricane Katrina hit New Orleans in September 2005 had finally begun.In fact, as they fretted over this decline in non-farm payrolls, media chose not to ask and answer an important question:How does a loss of 63,000 jobs compare to payroll declines at the beginning of previous recessions?Interesting historical question, wouldn't you agree?Let's begin our examination with the recession that started with a 7.8 percent decline in Gross Domestic Product the second quarter of 1980. That April, non-farm payrolls declined by 145,000, 2.3 times what was lost in [ Full article ] |
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