November 7, 2003

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Is The Government Exaggerating Job Creation? Does The Sun Rise in the East?

A BUZZFLASH NEWS ANALYSIS

Who you are you going to believe: the company that tracks job losses and has nothing to gain by misrepresenting jobs data or the Bush administration that has everything to gain?

If you just look at the numbers, Challenger, Gray and Christmas, an outplacement firm, said that there were 171,874 layoffs in October. The Bush administration, under the cover of the Labor Department, said 126,000 new jobs were added (mostly in the low-paying service sector industry) in October. On BuzzFlash's planet that means there were 50,000 MORE Americans without jobs.

And knowing this administrations penchant for obfuscation, exaggeration and lying, we'd say that the number of jobs that they said they created is probably a lot lower.

So, don't believe Bush's hype. Bush's economy -- the one he created by running record deficits, cutting taxes for the rich, and cutting programs for the rest of us -- doesn't look very good, no matter how much make-up they slather on the jobs data.

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US Job Cuts Surged 125 Percent in Oct.-Challenger
Tue Nov 4,12:03 PM ET

NEW YORK (Reuters) - The number of job cuts announced by U.S. employers more than doubled in October, after declining for two months, calling into question the strength of job market as other segments of the economy surge.

Planned layoffs at U.S. firms shot up to 171,874 jobs in October, from 76,506 in September, job placement firm Challenger, Gray & Christmas said on Tuesday. Layoffs were at their highest since Oct. 2002, when 176,010 job cuts were announced.

[LINK]

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Payrolls Surge, Third Straight Rise
Fri, Nov 07, 2003
By Anna Willard

WASHINGTON (Reuters) - The U.S. economy added more than twice the number of jobs expected in October, the third straight monthly gain, and the jobless rate fell, the government said on Friday in a report pointing to a labor market recovery.

The Labor Department (news - web sites) also made substantial upward revisions to payrolls for August and September, a sign sizzling economic growth in the third quarter translated into more jobs.

The number of workers on U.S. payrolls outside the farm sector in October soared 126,000, the largest rise since January, after climbing 125,000 in the previous month. The number far outstripped analyst expectations

[LINK]

A BUZZFLASH NEWS ANALYSIS

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