“The past is whatever the records and the memories agree upon.
And since the party is in full control of all records, and in
equally full control of the minds of it’s members, it follows
that the past is whatever the party chooses to make it. Six
means eighteen, two plus two equals five, war is peace,
freedom is slavery, ignorance is strength.”… George Orwell
The Obama camp is often spoke of in Orwellian terms. 1984 manifested. Jobless claims for the past week rise, the stock market reacts unfavorably and suddenly the unemployment rate is 9.7 percent? News reports in George Orwell’s “1984” were constantly altered as a matter of practice to reflect the image and goals of Big Brother. Read the following reports and derive your own conclusions.
From Fox News, February 5, 2010.
“Jobless Rate Falls Unexpectedly to 9.7 Percent in January”
“WASHINGTON – The unemployment rate dropped unexpectedly in January to 9.7 percent, while employers shed 20,000 jobs, according to a report that offered hope the economy will add jobs soon.
The unemployment rate dropped from 10 percent because a survey of households found the number of employed Americans rose by 541,000, the Labor Department said Friday. The job losses are calculated from a separate survey of employers.
The department also revised its past employment estimates to show that job losses from the Great Recession have been much worse than previously stated. The economy has shed 8.4 million jobs since the downturn began in December 2007, up from a previous figure of 7.2 million.
That’s the most jobs lost in any recession, as a percent of total employment, since World War II.
The figure for November was revised higher, however, to show a gain of 64,000 jobs. That was initially reported as a gain of 4,000.”
“The federal government has begun hiring workers to perform the 2010 census, which added 9,000 jobs. That process could add as many as 1.2 million jobs this year, though they will all be temporary.
But job cuts at the state and local levels canceled out those gains, as government employment fell by 8,000.
The construction industry lost more jobs than other sector, dropping 75,000. Most of that loss came from the commercial building sector, the department said.
Still, jobs remain scarce even as the economy is recovering: Gross domestic product, the broadest measure of the nation’s output, has risen for two straight quarters. GDP rose by 5.7 percent in the October-December quarter, the fastest pace in six years.
Many economists say businesses are reluctant to add workers because it’s not clear whether the recovery will continue once government stimulus measures, such as tax credits for home buyers, fade this spring.
The debate over health care reform and the scheduled expiration of some Bush administration tax cuts at the end of this year may also hold back some employers, many economists said.”
From Canadian Business, February 4, 2010
“Stocks drop as unexpected rise in weekly jobless claims brings concern about economic recovery”
“Stocks are dropping as a rise in weekly jobless claims dampens hopes about a key employment report Friday.
A recovery in employment is seen as the biggest obstacle to a rebound in the economy and the unexpected increase in weekly unemployment claims Thursday is providing a reminder that a recovery will be difficult.
The Labor Department says unemployment claims rose 8,000 to a seasonally adjusted 480,000 last week. Economists had predicted claims would drop to 460,000.”
“Stock futures weakened Thursday as a rise in weekly jobless claims damped hopes about a key employment report Friday.
A recovery in employment is seen as the biggest obstacle to a rebound in the economy and the unexpected increase in weekly unemployment claims provided another reminder that a recovery will be difficult. The report reduced expectations that the government’s January jobs report on Friday will show that employers added workers in the first month of the year.”
From the US Department of Labor, February 4, 2010.
“UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT”
“In the week ending Jan. 30, the advance figure for seasonally adjusted initial claims was 480,000, an increase of 8,000 from the previous week’s revised figure of 472,000. The 4-week moving average was 468,750, an increase of 11,750 from the previous week’s revised average of 457,000.”
The DJIA is at 9,961 down 41 as I post this.