What Liberal Media - The America Hating Conservative Republican Media Rely On Discredited Evidence To Dismiss Positive Jobs Report
Right-wing media are rushing to put a negative spin on newly released jobs numbers showing a drop in the unemployment rate and a net increase in jobs by parroting the discredited claim that government data show that "1.2 million people dropped out of the labor force" last month. In fact, as economic experts have explained, that number reflected an increase in population from 2010 Census figures and is not the result of how many people "dropped out" of the labor force last month.
After The Labor Department Reported January Employment Growth
Labor Department: Employment Rose By 243,000 Jobs In January And Unemployment Dropped To 8.3 Percent. From the Bureau of Labor Statistics:
Total nonfarm payroll employment rose by 243,000 in January, and the unemployment rate decreased to 8.3 percent, the U.S. Bureau of Labor Statistics reported today. Job growth was widespread in the private sector, with large employment gains in professional and business services, leisure and hospitality, and manufacturing. Government employment changed little over the month.
The unemployment rate declined by 0.2 percentage point in January to 8.3 percent; the rate has fallen by 0.8 point since August. [Bureau of Labor Statistics, 2/3/12]
NY Times: Two Million Jobs Added In Past Year. The New York Times' Economix blog reported that "[o]ver the last 12 months, the economy added nearly two million jobs, more than in any similar period since early 2007." [The New York Times, Economix, 2/3/12]
Financial Blog Zero Hedge Dismissed Employment Growth With Dubious Claim That "1.2 Million People Dropped Out Of The Labor Force"
Zero Hedge: "1.2 Million People Dropped Out Of The Labor Force In One Month!" A post on economics and finance blog Zero Hedge claimed that the Bureau of Labor Statistics report estimated that "1.2 million people dropped out of the labor force" in January. [Zero Hedge, 2/3/12]
But Experts Argue That The 1.2 Million Number Is Based On A Misreading Of The Jobs Report
Economic Journalist Barry Ritholtz: "The Fact Is 1 Million People Did Not Drop Out Of The Labor Force In January 2012." Economic journalist and Washington Post columnist Barry Ritholtz explained that those who are claiming that 1.2 million people dropped out of the labor force in January are misreading the Labor Department's jobs report:
So today following an otherwise pretty darn good jobs report, we get the usual perma-pessimists at Zero Hedge and Rick Santelli over at CNBC proclaiming that the report showed a drop of over 1 million people from the labor force in one month. Of course, as ususal, both Santelli and Zero Hedge have a real reading comprehension problem and completely missed that this million+ people isn't some new January phenomenon, but a result of the BLS using the 2010 census data to have more accurate data. In other words, the changes in the Household Survey to the various measures had taken place over the years prior to 2010, but for simplicity's sake, the BLS incorporates these changes into one month (which they clearly point out).
[T]he fact is 1 million people did not drop out of the labor force in January 2012. [The Big Picture, 2/3/12]
Rush Limbaugh Cited The 1.2 Million Number To Argue That The Jobs Report Is "Corrupt." On his radio show, Rush Limbaugh cited Zero Hedge and claimed that "1.2 million people dropped out of the labor force in one month" to argue that the jobs numbers report is as "corrupt as it can be." [Premiere Radio Networks, The Rush Limbaugh Show, 2/3/12]Between the drugs and alcohol Limbaugh can always claim he has a good excuse - he stays on the radio because the dumb rubes that listen to him make it possible for him to live in a Palm Beach mansion. Hannity doesn't need an excuse, he has the same IQ as his audience, its the same as his shoe size.
Sean Hannity Repeated The 1.2 Million Falsehood To Claim Lower Unemployment Rate Is "Phony."
Neil Cavuto Gushes Over Trump’s Business Record – And Ignores The Four Bankruptcies. Trump was handed his business on a silver platter from dad, he is hardly a member of the worked hard to earn all he has crowd. Conservatives worship him, despite the lack of any real business expertise anyway.