Alright, let's get down to business. As expected the employment (or the lack thereof) statistics were dismal. This is what we expected, and no one should be alarmed. So this "news" really isn't news, at least in my mind. Yet it does confirm our worst fears that employment is in a slide, and I don't see a recovery in the near future, thus this "news" may be a portent of things to come, along with the other numbers that have been coming up alerting us of the current economic turmoil.
One thing that I will not take from the media and it's unintelligent thoughts on the economy. Save for Bloomberg, WSJ, and other legitimate sources of economic news, the rest are undoubtedly odious, and make the most asinine comments I have ever seen. My favorite can be found here http://economix.blogs.nytimes.com/2008/12/05/workers-give-up/. David Leonhardt, the author, sufficiently insults the Bureau of Labor Statistics' (BLS) method of finding the unemployment of our nation, by claiming that discouraged workers, workers that are unemployed that aren't looking for work, deserve to be included in our unemployment, since currently they are not. Well Mr. Leonhardt, these people aren't even looking for jobs, and are being, in short, lazy bums that aren't helping themselves. People who are counted as unemployed, those looking for work yet unable to find some, deserve to be counted seeing as they really can't find work, therefore showing a true loss of an ability to get a job, while discouraged workers only prove to the laziness that effects the relatively small group of people who aren't trying to find themselves a job.
So David Leonhardt, don't blame the unemployment statistics for understating our labor market's situation. If you want to go out and figure out David Leonhardt's own statistic, go ahead. I won't listen, and most knowledgeable people won't.
The prosecution rests. Have a good weekend everyone!
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