Unemployment to 5% - We’re DOOMED!

J.J. Jackson* | January 5, 2008

Trust me, that will be the spin on this jump due to lower than usual December hiring:

WASHINGTON (AP) — Hiring practically stalled in December, driving the nation’s unemployment rate up to a two-year high of 5 percent and fanning fears of a recession.Employers last month added the fewest new jobs to their payrolls in more than four years, according to the employment report released Friday by the Labor Department. The report showed that employment conditions are deteriorating, strained by a housing slump and credit crunch that are sapping economic strength.

“The economy is getting hit by some body blows. The big question is whether the economy can withstand it or will it take a fall,” said Ken Mayland, president of ClearView Economics.

Of course the fact that unemployment has been historically low for the past four plus years never got much attention. But a small increase it unemployment will be huge news to be used to try and portray America as a nation of soup lines heading into the 2008 election cycle.

Just remember that the economy is constantly changing and is not static and that many of these bozos who claim to be economists have been predicting a recession for years. Eventually they will be right, but not because they know what they are doing.

If I stand by the road and say “I see a green car” over and over every time a car passes, eventually one of them will be green and I will be right.

But I still don’t see the “recession” they claim is coming.

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