Tuesday, August 12, 2008

100,000 to be thrown out of work?

That's what today's Australian says:

"THE Reserve Bank is predicting an economic slowdown so severe that 100,000 people will be thrown out of work in the next 12 months, pushing the unemployment rate to 5 per cent and possibly higher if the financial crisis worsens."

In fact the Reserve Bank predicts that employment will GROW in the next twelve months, by 0.75 per cent.

Will the Reserve Bank complain? Who knows.

When I asked how The Australian concluded that the Reserve Bank was forecasting a drop in employment when it was in fact forecasting an increase, I was told that the newspaper meant that the Reserve Bank's forecasts implied that employment would grow by 100,000 people fewer than it would have.

Mmmm...

7 comments:

Anonymous said...

Yet again The Australian shows that they don't mind letting the facts get in the way a story. Thanks for pulling the lid on that one Peter.

Al

Anonymous said...

edit: way of a story

Al

Grog said...

Great post Peter, disgraceful reporting by The Oz.

Jon said...

Of course, the Age would never print a story like that. At least, not now they have a real economics editor :)

Peter said...

Jon, I wouldn't.

(And I'm not the economics editor, that's Tim Colebatch).

I think about the only thing we economics journalists really have to offer the public is numeracy - knowing the difference between change and rate of change - that sort of thing.

Otherwise any hack could do it.

Peter

Anonymous said...

I think everyone should assume in first instance that whatever The Australia is misinformation. They haven't had much of a record of honesty in regard to political or economics reporting for more than a decade.

Jon said...

Peter, my apologies if I have hit a sensitive point, it was a tongue in cheek comment (and sorry, I got your new job confused with your old one).

On a serious note though, all media at one time or another get things wrong (as do we all). While this doesn't excuse the misinformation contained in the Australian story, are there not times we should mutter a grateful "there but for the grace of God go I" and just move on?

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