The announcement this morning that the unemployment rate has hit 9.8% came as a big surprise to Democrats and analysts. An earlier jobs report in the week had indicated that it might see 140,000 jobs added in November. Instead, it came in around 39,000 with a .2 addition to the unemployment rate.
Why is the rate always a surprise to them? Speculation is one of the things killing the news industry. Expectations are set up for the public that do not materialize. Why can’t they just report the facts when they get there? They always end up with egg on their faces.
It was amusing to watch the fellows at CNBC this morning as the announcement hit. One host said “USA Today” is going to go crazy! The headline tomorrow will be ‘US unemployment rate hits a new cycle high as light jobs disappoint.'” Another claimed “it’s going to look awful. It will have a psycho effect that will ricochet back on the stock market.”
Their concern for appearance rather than the truth was revelatory. No sympathy for the jobless, rather how it will look politically. As liberals do, they spun it optimistically, stating that it should help Obama get his unemployment extension as well as maybe even another stimulus package.
They also doubted the validity of the numbers, however, this was something never even suggested in the Bush years.
Common sense and experience show that the unemployment rate will continue to go up through0ut 2011. If the job market improves, more people will decide to look for a job and swell the ranks. If it doesn’t, the ranks will still be high.
It can’t be pretty either way for the Obama administration.