Thursday, April 8, 2010

Jobs: Spin vs. Truth

While the White House press office and their acolytes in the media celebrate the "good" jobs numbers, the numbers tell the truth:

Consumer borrowing fell again in February, reflecting weakness in credit cards and auto loans. Analysts said the sharp reduction showed that the weak economy is still making consumers hesitant to take on more debt.

The Federal Reserve said Wednesday that borrowing declined by $11.5 billion in February, surprisingly weaker than the small $500 million gain that economists had expected. The February decline was the 12th decrease in the past 13 months as consumers slash borrowing in the face of a deep economic recession and high unemployment.

Analysts said consumer borrowing is being held back by lingering fears about job security with unemployment still near 10 percent and a move by banks to tighten credit standards following the severe financial crisis of the past two years.,0,3880042.story

There was a time when 5% unemployment was deemed unacceptable.

Two years later, we're told 10% is good news and the way of the future.

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