This report on the economy and the job losses is from something I posted below and earlier. Stick with me and read what follows.

Jobless Rate Surges to Nine-Year High

By Caren Bohan

WASHINGTON (Reuters) - The U.S. unemployment rate shot up in June to a fresh 9-year high while the economy lost 30,000 jobs, the government said on Thursday in an unexpectedly gloomy report on the labor market.

The jobless rate climbed to 6.4 percent last month from May's 6.1 percent, the Labor Department ( news -web sites ) said, a much worse reading than the 6.2 percent forecast by U.S. economists in a Reuters survey. The rate reached the highest level since a matching 6.4 percent in April 1994.

"It's ugly on the surface and uglier when you look inside," economist Stuart Hoffman of PNC Financial Services Group said about the jobs report. "You now have declines in private-sector jobs for five straight months. And the hemorrhaging of manufacturing continues, there doesn't seem to be any abatement."
// posted by Sam @ 8:37 AM





Now look at this piece of propraganda cranked out in response by PRIVATE economists (meaning they are paid off for their opinions and paid off by the huge corporations fueling all that campaign election dough into Bush's Vicious Political Machine).

Analysts More Optimistic About Economy

Thu Jul 10,12:01 AM ET

WASHINGTON (Reuters) - Private economists have nudged their forecasts for the U.S. economy slightly higher for the second half of the year, according to the latest poll from Blue Chip Economic Indicators.

The closely watched Blue Chip newsletter said its panel of 50 economists projected U.S. gross domestic product would advance by 3.6 percent in the third quarter and 3.8 percent in the fourth quarter. That forecast, made in early July, was up from the June projection. In June, analysts forecast third-quarter growth of 3.5 percent and fourth quarter growth of 3.7 percent...


Okay, so Big Bid'ness put its story out and had the spin applied. Here's the White House coming out with its damage control by the new Treasury Secretary Snow as he parades the same ol' record and spins it about tax cuts, the economy is primed to "take off", blah, blah, blah. The only Snow that I see is here is a SNOW JOB!


Snow Optimistic About Economic Growth

WASHINGTON (Reuters) - Newly enacted tax cuts combined with low interest rates have put the U.S. economy on a path toward growth, U.S. Treasury Secretary John Snow said in an interview published on Thursday.

Snow told USA Today he expected U.S. growth to top three percent in the second half of the year. But he said he would like to see growth of around four percent to bring the unemployment rate below six percent.

"The economy is beautifully aligned for takeoff," Snow told the newspaper, noting the stimulative effect of the Bush administration's latest $350 billion tax-cut program and historically low interest rates...



How can these guys stomach looking at themselves in the mirror when they get up in the morning after repeating this line of bull over and over endlessly?






_________________________________________________________________________