My supposedly informative but in reality selective CNNMoney.com E-mail just alerted me to the fact that the unemployment rate dropped in January, but "somehow" forgot to reveal that 20,000 seasonally adjusted jobs were lost (see related post by BMI/NB's Julia Seymour):
CNNMoney.com also "forgot" to say anything about a downward 900,000-job revision (actually, even worse) to previous data (text is from the Bureau of Labor Statistics report released at 8:30 a.m. ET):
The total nonfarm employment level for March 2009 was revised downward by 902,000 (930,000 on a seasonally adjusted basis), or 0.7 percent. The previously published level for December 2009 was revised downward 1,390,000 (1,363,000 on a seasonally adjusted basis).
That's a lot of jobs.
As to CNN's "since the recession began" number, which is pegged back to December of 2007 based on the National Bureau of Economic Research's (NBER's) "official" determination (despite the fact that net economic growth occurred during the first half of 2008), let's look at the numbers:
We can see that:
Any one of these four numbers would have been more instructive than the one CNNMoney.com cited.
Leaving out the January loss of 20,000 was inexcusable -- but sadly typical.
More discussion of today's employment report is at BizzyBlog.com.