Friday, November 19, 2004

Newsday: Economy Does Not Suck

LI's jobless rate: How low can it go
As unemployment falls to 3.7 percent last month, some experts warn shortage of labor may be ahead

Long Island's Liberal rag, Newsday, admitted today that the economy is not as bad as it had reported during the election cycle. The Long Island unemployment rate fell to 3.7%. The daily's editorial/news stories painted a bleak picture just a few weeks ago. Now the paper reports that the lowest unemployment rate since October 2001 has actually produced "full employment" - which is the point at which the economy is generating enough jobs to accommodate nearly everyone who is looking. Now experts are cautioning that the expanding economy (which was called a recession before November 2nd) is going to create a labor shortage.

In other news, an audit showed that Newsday's circulation is down 98,000 from a year ago. The paper is cutting 100 workers from its newsroom. I wonder how they feel about that low unemployment rate now?