As 'Jobs Hard to Get Number' Hits 28-Year High, AP Claims Consumers' Related Feelings Are 'Mixed Bag'
The Conference Board's September Consumer Confidence Survey came out this morning. Overall, it rose very slightly from a miserable 45.2 to a still-miserable 45.4. Consumers' assessment of near-term prospects slid from 34.3 to in August to 32.5, while their longer-term outlook improved from 52.4 to 54.0.
At the Associated Press (saved here for future reference, fair use and discussion purposes), Retail Writer Anne D'Innocenzio characterized the element of the report relating to jobs thusly:
Consumers' feelings about jobs and wages also were a mixed bag. Those claiming jobs are "hard to get" increased to 50.0 percent, from 48.5 percent, while those stating jobs are "plentiful" increased to 5.5 percent from 4.8 percent. Meanwhile, the proportion of consumers anticipating an increase in their incomes, declined to 13.3 percent from 14.3 percent.Story Continues Below Ad ↓
D'Innocenzio's "mixed bag" is heavy on the bitter and awfully light on the sweet. Two of three items she cited moved unfavorably by one or more points, while the one favorable item still only represents only 1 in 18 surveyed.
But, as several other reports noted, including this one from Reuters in its very first sentence, the jobs element of the survey was really much worse in historical context (HT Zero Hedge; bolds are mine):
Consumer confidence was little changed in September amid concerns about income as a gauge of labor market conditions deteriorated to its worst since 1983, an independent survey showed on Tuesday.
... In a sign that people were struggling to find employment, the jobs-hard-to-get index rose to 50.0, the highest level since May 1983, from 48.5 the previous month.
Gosh Anne, even though you're not alone (as seen here at MarketWatch), how did you miss that? Bloomberg/BusinessWeek didn't. Fox Business didn't. The Financial Times didn't. You would think that the Essential Global New Network would have been ready for the possibility that this kind of dubious record might occur.
Ms. D'Innocenzio and the rest of the crew at AP still have a few hours to get this obviously newsworthy factoid into revised reports. If they don't, I'll submit that it's because they don't want news consumers to know.
Cross-posted at BizzyBlog.com.
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Comments
I wonder how long it took to
Submitted by jessieH on Tue, 09/27/2011 - 1:31pm.
I wonder how long it took to fabricate this BS.
Not only did the Conference
Submitted by jdhawk on Tue, 09/27/2011 - 2:06pm.
Not only did the Conference Board report crap, but the Case-Shiller report was crap, too. The stock market could care less. It is dreaming today that there really is a way out of, "running out of spending other people's money" in Europe.
Fat chance. Socialism is bankrupting the entire continent.
Heck, I don't really care why it is volatile - so long as it is I make money.
Meanwhile, here are some things that your local clothier can put on the back of your favorite T-shirt:
"If Obama's the answer. How stupid was the question?"
(With a picture of O'bummer) "Does this ASS make my shirt look big?"
"Time to put (with a picture of Pelosi) Nana in a home!"
"Obama bin Lyin' "
"a million people attended Obama's inauguration and only fourteen missed work!"
Tom, I'm sure you meant to say
Submitted by motherbelt on Tue, 09/27/2011 - 2:56pm.
as "Jobs Hard to Get Number" Unexpectedly Hits 28-Year High.
Right? ;-)
Gosh, how did I ...
Submitted by Tom Blumer on Tue, 09/27/2011 - 3:19pm.
... forget? :-->
lets support the jobs bill, like most economists do
Submitted by coin of the realm on Fri, 09/30/2011 - 2:43am.
If President Barack Obama hasn't read Bloomberg yet on his way through the American West to flog his American Jobs Act, his press people have surely stuck it in his reading list. The news service surveyed economists and found them to be overwhelmingly positive on the jobs act, predicting anywhere from a 1.3 percent to a 2 percent boost to the nation's economy if it passes, preventing a recession in 2012. As the Washington Times' Steve Benen points out, "support for the American Jobs Act continues to be much stronger among economists than members of Congress." It gets even better for the White House: the economists Bloomberg surveyed said Republican plans would actually push the economy back toward recession. "A reduction in government spending, the end of the payroll-tax holiday and an expiration of extended unemployment benefits would cut GDP by 1.7 percent in 2012, according to JPMorgan Chase & Co. chief U.S. economist Michael Feroli in New York." Those short-hop flights around the country can be a drag, so this reading must surely brighten at least one leg of the trip.
Give me control of a nation's money and I care not who makes her laws. Mayer Amschel Rothschild
What?
Submitted by sentry_99 on Fri, 09/30/2011 - 3:12am.
Where in this article (http://www.bloomberg.com/news/2011-09-28/obama-jobs-plan-prevents-2012-r...) do any of the economists say they support this plan? Where is a Republican plan even discussed in the article?
"Some of this is just extending support that was already in place,” said Julia Coronado, chief economist for North America at BNP Paribas in New York. “The actual jobs programs themselves, I don’t think that they’re a game-changer.” " Think that will brighten his trip?