18 August 2012

The Recovery Will Not Be Televised

Richard Nixon, tired of all the criticism from the media, called a press conference in an unusual location: the Potomac river. Once everyone had gathered, rather than say anything, he just took off his shoes and socks, walked to the edge of the river and then calmly walked on water, effortlessly crossing to the other side.

"There," he thought. "That'll shut them up."

The next day, the headlines all read, "Nixon Can't Swim!"

Our local paper has also made up its mind about this slow recovery.

The San Diego Union Tribune headline on page one is San Diego Lost 4,400 Jobs in July.

One has to read well into the article to learn that San Diego jobs data are not seasonally adjusted and this is the smallest job loss number for July since 1990. Or that the unemployment rate fell from 9.3 to 9.2 percent in the last month and from 10.5 percent to 9.2 in the last year. This the best year for San Diego job growth since 2000, and this year's job growth seems less reliant on the construction jobs related to lax mortgage standards.

Which is to say, it's a great jobs report for San Diego. Not that anyone scanning headlines would know that.

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