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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: yard_man who wrote (166)	2/17/2004 10:57:17 PM
From: mishedlo	Read Replies (1) of 116555

Snow Wimps out on Job forecast! Bush Officials Offer Cautions on White House Jobs Forecast Treasury Secretary John W. Snow distanced himself on Tuesday from the Bush administration's official prediction that the nation would add 2.6 million jobs by the end of this year. "I think we are going to create a lot of jobs; how many I don't know," Mr. Snow said, adding that "macroeconomic models are based on a lot of assumptions" and are "not without a range of error." [What a WIMPISH backdown off earlier predictions! LMAO-Mish] Unemployment and the nation's surprisingly sluggish pace of job creation has become a significant political weakness for Mr. Bush, who is on track to be the first president since Herbert Hoover to end his first term with fewer jobs than when he started. The nation has lost about 2.5 million jobs in the last three years, and job loss has been acute in the Pacific Northwest. Unemployment is 6.8 percent in Washington and 7.2 percent in Oregon, compared with 5.6 percent nationwide. The aerospace industry has laid off tens of thousands of workers, as have technology companies tied to the collapse of the stock market bubble and older manufacturers. Still stinging from criticism by Democrats about comments by a top White House aide in support of "outsourcing," or shifting jobs to low-wage countries, Mr. Snow said those remarks had been "misinterpreted" and were not meant to condone the loss of American jobs. nytimes.com ===================================================================== All talk and nothing but another Snow Job on jobs. PS - let's focus on the economic reality of this NOT the politics of it. Thanks Mish

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