A simplified version of Barry Ritholtz’s explanation of the Wall Street Journal’s Op-Ed piece on the employment recovery:
Well, we know the WSJ is owned by NewsCorp and Rupert Murdoch, who would do anything to discredit Obama. This op-ed purports to show that the current recovery is much more anemic than the 2 previous ones. But they are comparing the employment figures with those from the peak, immediately preceding the ‘crash’, not from the trough. If, as Barry shows, you compare apples to apples, and go from the trough to the present after the fall in each recession, this recovery is actually stronger than the previous 2, which the WSJ is loath to point out, as it might praise Obama’s performance – after all, there is an election coming up next year.
As Barry so rightly says: “I will not hold my breath waiting on their correction — you know, one in which they actually state that this jobs recovery is better than the previous two.”