Remember the headlines about 7.8 unemployment? The biggest jump in the economy since the early 1980s? Remember how the media and the comedians claimed that everyone who doubted the numbers were crazy “job truthers”?
“Last Thursday morning, the headlines on National Public Radio were jubilant. “Jobless Claims Drop To Lowest Level In More Than Four Years,” they crowed. NPR’s anchors repeated the news in their hourly and half-hourly updates. The sudden, seasonally-adjusted drop–from 369,000 to 339,000 new claims–was touted by NPR and the rest of the mainstream media as timely evidence of economic recovery under President Barack Obama.
This week, jobless claims have soared to 388,000–a four-month high. NPR explained, correctly, that both changes were largely the result of the fact that California failed to process all of its jobless claims last week and therefore submitted an incomplete report that was rectified this week. But it did not bother to revisit its cheerleading from the week before, nor did it try to imply broader conclusions about the direction of the economy under Obama. The headline is: “Jobless Claims Take Sharp Jump: Rose By 46,000 Last Week.”
Here’s the link to the Comedy Central video.