Good Jobs Report: USA Today vs. NY Times
By Bob Kohn
You gotta' love this. The economy added 157,000 jobs in December and about 2.2 million jobs for all of 2004, according to Labor Department. Here's how the news was reported by USA Today vs. The New York Times:
Hiring for 2004 hits five-year high
WASHINGTON (AP) — Employers hired workers in 2004 at the fastest pace in five years, with overall payrolls rising by 2.2 million. December's job growth was a bit lower than expected, with the unemployment rate holding at 5.4%.
-- USA Today
Jobs Picture Shows Some Signs of Life
WASHINGTON, Jan. 7 - Employment climbed at a steady if not spectacular pace in December, suggesting the economy is on a solid footing but that employers in many industries are still cautious about hiring.
The Labor Department reported on Friday that the nation added 157,000 jobs in December and about 2.2 million jobs for all of last year - a good annual gain and the best since 1999. But it was not quite enough, at least until further revisions are available, to make up for all the jobs lost earlier in President Bush's first term in office.
-- New York Times
Now, if you want to provide context, provide all of it. First, you have mention that Bush inheretied a recession from his predecessor. Second, 9/11. Third, the corporate scandals (in which all of the wrongdoing was done during the Clinton years). Finally, Larry Kudlow nails it:
Today’s job report shows that White House economist Greg Mankiw was very nearly right when he projected almost a year ago that 2004 jobs could rise
by 2.6 million. He was widely ridiculed inside Washington and at one point the
White House itself turned their backs on the Harvard professor’s estimate. But today’s employment release shows the yearly gain for non-farm payrolls coming in at 2.3 million. Close enough for government work.
It’s the best jobs performance in five years. In fact, the labor market responded powerfully to lower personal tax rates by gaining 2.5 million jobs since August 2003. As workers were able to keep more of what they earned, the unemployment rate declined to 5.4% from 6.3%. Mainstream economists continue to scoff at the economic power of lower marginal tax rates. But once again a supply-side experiment worked.
Indeed. |
