The September jobs report crushed expectations, with the economy gaining 336,000 jobs amid other good news.
However, multiple major media outlets rushed to explain why the good news was actually bad news. The New York Times ran with, “U.S. Job Growth Surges Past Expectations in Troubling News for the Fed,” and, “The markets are jittery. Here’s why the strong jobs report may not help,” before editing the former headline to: “U.S. Job Growth Surges Past Expectations in a Sign of Unexpected Vigor.”
CNN went full fearmongering:
Why? Two reasons: inflation—even though it has cooled substantially—and the likelihood that the Federal Reserve will try to fight inflation by jump-starting a recession. “Inflation has been falling much faster than wage growth,” the Economic Policy Institute’s Elise Gould noted. While cooling wage growth in this month’s report should make the Fed less inclined to raise rates, you won’t see that in this CNN analysis about how very scared you should be by the good jobs number.
Once again, the real media outdoes the parodies:
The economy is complicated, and good news can come alongside bad news. But during Joe Biden’s presidency, the media steadfastly reported the bad news first and foremost every time.
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