AND NOW FOR THE OTHER SIDE – AT 8:38 A.M. ET:  In the post below we presented the considered opinions of business leaders and analysts.  Their forecasts are gloomy, and actually based on something.

Will the mainstream media listen?  Are we serious here?

Consider this morning's unemployment claims report, just out.  Here is the Bloomberg lead, spinning wildly:

Fewer Americans than forecast filed first-time claims for unemployment insurance payments last week, a sign the labor market is getting back on track.

Applications for jobless benefits decreased 26,000 to 359,000 in the week ended Sept. 22, the lowest since July, Labor Department figures showed today. Economists forecast 375,000 claims, according to the median estimate in a Bloomberg survey. There was nothing unusual in last week’s data, a Labor Department spokesman said as the figures were released to the press.

A turnaround in claims, which have been on the rise since July, indicates companies in the U.S. may be growing more confident that sales will pick up. At the same time, the jobless rate may be slow to fall after exceeding 8 percent for 43 months without a pick-up in the pace of hiring.

COMMENT:  Gee, the lowest number in two months!  Let's celebrate.  I'm rushing to the car dealer right now.  Business leaders are warning of tough times, and Bloomberg tells us of increased confidence.  Bloomberg is a liberal outfit, and they let it show too often.

That 359,000 figure is still much too large.  The next major report, due out within days, will measure job creation.  I can't wait for the spin if it reports we've created one job in Davenport.

September 27, 2012