Friday, May 29, 2009

More multi-handed economics

I've previously quoted former President Harry S Truman's wish for a one-handed economist. Perhaps it's time to refer to it again, based upon this good/bad news:

The San Bernardino-Ontario-Riverside unemployment rate dropped from 13 percent in March to 12.6 percent in April, according to data released Friday by the state's Employment Development Department.

Sounds good right? Wait a minute:

But economists aren't expecting it to become a trend. Instead, consider it some breathing room before things get worse....

April's unemployment rate could actually be higher, depending on how you look at it. Some economists theorize that certain people have been job hunting for so long, they've given up on searching for work.

When they do that, they're no longer categorized as "unemployed."

More bad news:

Brad Kemp, director of regional research at the company's Los Angeles office, says the two-county region's explosive economic growth between the mid-1990s and 2000s was largely driven by population growth, but those fundamentals changing.

"That won't be as much of a driver in the future," Kemp said during an interview at the conference.

But they continue to quote Kemp:

He's a huge believer in the Inland Empire's future economic growth potential.

Are we setting up a psychic hotline or something, in which everyone can claim, "I was right"?

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