Wachovia stooge: "Employment markets were solid on the eve of destruction"

[Bush_Eats_Beef]

Sept. 3, 2005, 12:02AM
Jobless rate hits 4-year low
Report says employers added 169,000 positions
By JAMES P. MILLER, Chicago Tribune

http://www.chron.com/cs/CDA/ssistory.mpl/business/3337615

In a bit of good economic news that drew only limited attention, the Labor Department said Friday that U.S. employers added a net 169,000 jobs in August, and the nation's unemployment rate declined to a four-year low of 4.9 percent.

The solid job report, which normally would have drawn close scrutiny from Wall Street economy-watchers, was treated as irrelevant ancient history on Friday, however, because the nation's economic landscape has been so altered by Hurricane Katrina.

"Employment markets were solid on the eve of destruction," Wachovia economist John Silvia said.

Joel Naroff of Naroff Economic Advisors had similar sentiments. "That only tells us where we were before Katrina hit. The September numbers will be dreadful," he said.