Perception vs. Reality on the U.S. Economy

Senator Jon Kyl (R-AZ) gives us some rarely heard news on the U.S. economy:

Even after the devastation of Hurricane Katrina, and the resulting spike in the cost of energy, the U.S. economy is doing remarkably well by virtually every statistical measure. So why, one might wonder, do we so often see negative headlines in the news?

Consider some data released last week:

· More than 215,000 jobs were created in November, and 4.5 million since May of 2003. “To put the November increase in perspective,” noted Kathleen Utgoff, commissioner of the U.S. Bureau of Labor Statistics, “from January through August of this year, payroll employment growth averaged 196,000 per month”;

· The nation’s unemployment rate, at 5 percent, is stable and lower than the average of the 1970s, ‘80s and ‘90s;

Senator Kyl goes on to provide additional statistics and policy proposals, but the quoted section seems to be the most important.

Technorati Tags: Economics, Media