Let’s Compare and Contrast Recovery Summers

Fox News. Let’s look at them first. The headline, the Fox News story on this: “U.S. Hiring Tops Expectations, 1.8 million jobs added as unemployment rate falls to 10.2%. Economists surveyed by Refinitiv expected the report to show that unemployment dropped to ten and a half percent.”

But it’s even better than that. So, once again, the experts are surprised, the experts are a little shocked because the economy performed much better than they forecast. “U.S. economy added 1.8 million jobs in July even as a wave of new virus cases forced most states to pause or reverse their reopenings, causing a slight pull-back in hiring.” And yet even with a slight pull-back in hiring and with more states pausing their reopening, we still added 1.8 million jobs.

“The payroll increase reported today by the Labor Department was below the 4.8 million jobs created in June, which was the highest recorded. The unemployment rate fell to 10.2%, down from 11.1% in June.” That’s the Fox News version.

Now, let’s see. This is Reuters. This is the worst of the bunch. “July U.S. employment growth slows sharply“. U.S. employment growth slowed considerably in July amid a resurgence of COVID-19 infections, offering the clearest evidence yet that the economy’s recovery from the recession caused by the pandemic was faltering.” So on balance the economic news is being reported as what it is. Reuters had to try to throw cold water on it.

By the way, folks, the Hispanic unemployment rate also declined for the third straight month in July. And Joe Biden had nothing to do with it.

More From The Rush Limbaugh Show (subscription required):