Skip to comments.Private sector gains 9,000 jobs in July: report [60,000 drop was expected]
Posted on 07/30/2008 7:24:59 AM PDT by Brilliant
Private employers added 9,000 jobs in July, according to a private report by ADP Employer Services released on Wednesday.
In June, the private sector slashed 77,000, according to revised data. June was originally reported as 79,000 jobs lost.
The median of estimates from economists surveyed by Reuters was for the ADP report to show a drop of 60,000 private-sector jobs in July. The 32 forecasts ranged widely from a decline of 110,000 to a fall of 4,000...
(Excerpt) Read more at biz.yahoo.com ...
What if they gave an election-year recession—and nobody came!??
To me it means that we need better forecasters.
Wasn’t it the Clintoons that claimed the economy gains reported after the November 1990 elections were to their credit because people “anticipated” their time in office?
Maybe this bounce in the economy is due to Obama’s World Tour?
So the experts were only off by 69,000. Question: How many times can an “expert” be wrong and still be called an expert?
Unemployment numbers are almost always revised downwards a month or two later. Similarly, growth as a percentage of GDP is almost always revised upwards.
There’s still the Iran factor and there are problems in certain sectors of the economy, but it looks like Bush’s policies have successfully warded off a recession. Bernanke went to work fast to lower interest rates.
Compare and contrast with Greenspan in 2000 and 2001, who made cuts too little and too late. Yet who does the MSM go to for quote on how “bad” the economy is? Greenspan, of course.
Not only that, but remember how reluctant the MSM was to report on the economy in 2000 but were more than willing to quote Clinton and the Dems that Bush was “talking down the economy.”
Finally, the MSM has been whining for years about how expensive housing had become in many areas of the country. People were suffering because they couldn’t afford decent housing. Now they’re whining about how sharply prices have dropped. Owners can’t sell their houses at vastly inflated prices.
My dad (a Chemical engineer) said an expert was this: Ex - a has been Pert - a drip, so an EXPERT was a has been drip!
He had many so-called experts at his job, but they couldn’t build anything correctly. (He was a QUALITY CONTROL MANAGER at Pratt-Whitney Aircraft, so he knew what experts are.)
I am not sure I would go to the bank on any gov. statistic
The MSM has correctly predicted 30 of the last 3 recessions.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.