Greenspan Almighty! I am sick to frigging death with this economic spin. Economics and politics live in the same toilet. The Land of the Free to Lie hits its zenith.
US employment March 2004, the facts!
Nonfarm payroll up 308k, yet unemployment rate stays at 5.7%!
8.4 million without jobs, unchanged.
In March, the number of people who worked part time for economic reasons increased to 4.7 million. Either hours were cut or they couldn't find full-time jobs.
But get this, the real way to buff up a stinking turd. 1.6 million were 'marginally attached to the labour force', these people want jobs, had looked in the last year, BUT WERE NOT COUNTED AS UNEMPLOYED BECAUSE THEY HAD NOT LOOKED FOR WORK IN THE 4 WEEKS PRIOR TO THE JOB SURVEY.
514,000 'discouraged' workers, a subset of the 'marginal', didn't even bother to look for work as they believed there was no work out there for them. Currently forming an orderly queue at the end of the pier!
The 308k increase was in construction(a bubble pumped to explode), retail trade(yanks spending what they don't have, also waiting to explode), health care and social assistance(tax payers money funding employment the way the Soviets used to).
Manufacturing employment remained unchanged(real jobs that might help US actually make some money).
11,000 new jobs in the re-mortgaging business(hear the rumblings of a not-too-distant bang).
Oh, and the gov't adds another 31,000 pen pushers.
So all in all, a fantastic performance by America, now the idiots go marching off to the markets with this good news in their hands.
What could they do next for the Bush campaign? Here's a ludicrous idea, drop from the Dow some turkeys that are holding the index back and substitute them with some fly-by-night bull shite businesses that are doing 'the right thing'.
What?... They are?!
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