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IPFS News Link • Economy - Economics USA

Karl Denninger: ADP Reports Negative 23,000 Jobs in Last Month

I've been saying since the start of this cock-and-bull game being played by the media that there is no real recovery happening in the economy. I can't find it anywhere - I find some evidence of a leveling off of the declines, but that's not the same thing as growth. The dishonesty in the media in this regard has been breathtaking. Just yesterday Bloomberg ran the following article: March 30 (Bloomberg) -- The two-year slide in tax collections that opened a $196 billion gap in U.S. state budgets has stopped, easing pressure on credit ratings and giving leeway to lawmakers as they craft spending plans for next year. This sounds like they actually measured the end of deterioration, right? You'd be wrong: The 15 largest states by population forecast a 3.9 percent gain in tax revenue in fiscal 2011, budget documents show. The 50 states on average may increase collections by about 3.5 percent, the first time in two years the figure is expected to grow, said Mark Zandi, chief economist at Moody’s,