Friday, July 08, 2005

Predicting Tomorrow's News

Based on the monthly employment numbers released today, we know that since May of 2003 the U.S. economy has created 3.7 million new jobs. We know that the unemployment rate is now 5.0%, well below the 6.0% rate that economists have long accepted as the non-accelerating inflation rate of unemployment. Based on these and other economic releases (strong retail sales, manufacturing and home sales numbers), we can expect the economy to continue to grow at the 3.5 plus percent rate.

So how much of this will be explained clearly in the MSM tomorrow? And how much will be spun to find any potential weakness in the numbers? At the very least, I will take even money that the 3.7 mm number will not be mentioned in the N&O.

John Hawkins has more here.