James Pethokoukis

About 45,000 fewer jobs were added in April than economists expected, and the unemployment rate dropped to 8.1 percent due to more than a half million people giving up the job search. CNN Money reacted with the headline “hiring fizzles.”

University of Maryland Economist Peter Morici wrote in response the jobs report, “The economy added 115,000 jobs in April - much less than expected and not enough to keep up with natural population growth. The unemployment rate fell to 8.1 percent because another 522,000 adults quit looking for work and are no longer counted.”

The host of PBS's McLaughlin Group asked his panelists this weekend, "Is the press in love with Obama?"

Not surprisingly, all in attendance said "Yes" with the exception of Newsweek's Eleanor Clift who predictably protested, "No, they aren't" (video follows with transcript and commentary):

Per Reuters blogger James Pethokoukis, Goldman Sachs, demonstrating Democratic-friendly timing similar to that seen at the New York Times a month or so ago, published an extraordinarily gloomy economic forecast last night.

Here are some of the details he quotes:

"Following another week of weak economic data, we have cut our estimates for real GDP growth in the second and third quarter of 2011 to 1.5% and 2.5%, respectively, from 2% and 3.25%. Our forecasts for Q4 and 2012 are under review, but even excluding any further changes we now expect the unemployment rate to come down only modestly to 8¾% at the end of 2012."

There was a truly delicious moment on this weekend's "McLaughlin Group" that's guaranteed to please conservatives from coast to coast.

During a heated discussion about President Obama's call to end tax breaks for corporate jet purchases, Pat Buchanan and John McLaughlin literally silenced Newsweek's Eleanor Clift much to her dismay (video follows with transcript and commentary):

That “Made in America” sticker is looking more attractive.

Second-quarter (2Q) Gross Domestic Product (GDP) was revised up from 1.9 percent growth to a higher than anticipated 3.3 percent, according to reports on August 28.

Rising exports played a significant role in the expansion. According to the Commerce Department, real exports increased 13.2 percent in the 2Q of 2008, compared with an increase of 5.1 percent in the first. Real imports of goods and services decreased 0.8 percent in the first quarter and 7.6 percent in the second.

The good news on exports has been falling by the wayside in the media. The Business & Media Institute's video blog, The Biz Flog, pointed out the positive news about exports back on August 6.

Thanks to a weak dollar, it is now cheaper to export goods from the U.S. to other countries. But the story hasn't caught on in the mainstream media just yet.