Defying expectations of big job losses, the just-released April jobs report from the Department of Labor shows that only 20,000 jobs were lost last month, far less than the 81,000 jobs lost in March. The unemployment rate actually declined from 5.1% to 5%.
Growth is reckoned at 0.6% in 1st quarter, not a decline in GDP as projected. This indicates we are NOT in a recession.
Rick Moran comments:
Perception is what counts in politics. And the MSM and Dems have successfully made the case that "we are already in a recession" and 70% of the country believes it.
Besides, I honestly don't think it's jobs at the moment that is causing concern - it's gas. And food. I went to the grocery store on Tuesday and got sticker shock. $2.89 for a dozen extra large eggs? Processed foods through the roof. Good prices on produce but that's because we import a lot of citrus this time of year.
People are spending 10-15% more a week on food -- that bites the middle class hard. That and gas prices -- related to one another) are what is causing the angst in the electorate. And of course, it's being fed by the Dems and the press who realize by now that the only way to beat McCain in November is if the economy is in the tank.
Ed Lasky comments:
Much of the food inflation is due to ethanol. Thank-you, Iowa caucuses and greenies. As for the price of eggs, Astrid Riecken of the Washington Times caught a great moment in Democrat elitism:
Chuck Schumer holding up a carton of organic eggs. This ranks right up there with Obama bemoaning the price of arugula at Whole Foods in Iowa to a bunch of farmers, a state which did not have a single Whole Foods store at the time.
Obama's economic guy was just on CNBC, and he is spinning it, saying the report indicates that people have given up and left the work force, no longer looking for jobs, and that accounts for the low unemployment rate.
As the stock market recovers, money will come out of commodities, quite possibly leading to lower prices, as will talk of cutting ethanol back. But realistically, the summer driving season brings more demand and leads to higher prices. However, due to higher gas prices, we may see less highway vacation travel this year.
Richard Baehr adds:
The big surge in gas prices has come since Dems took over Congress -- over 45%. No interest from them in an increase in supply while world demand is growing, so price goes up. Bush has been president both before Dems took over and since. What has changed is Dem control.
Ed points out the China Trade Deal and WTO were signed by Clinton. Result: Chinese economy is booming, increasing oil demand. For what? They are not helping us with Iran.