Bush’s economic policies don’t sit very well with economists working for major banks, it seems. Here, economists for Bank One and Wells Fargo slam the magical mystery of unemployment and “economic growth” figures:
Economists believe the drop in the labor force masks a much higher jobless rate�perhaps as high as 9%, according to Anthony Chan, chief economist at Banc One Investment Advisors in Columbus, Ohio.
“The decline in the unemployment rate is the most misleading aspect of this employment report,” said Mr. Chan. “It’s a sham because of how we got there�the labor force dropped precisely because more people became discouraged…”
“Despite all the hoopla, neither businesses nor potential employees have confidence in the economy. They’re not believing all the stories about a strong and healthy economy given by the economists and the government,” [Wells Fargo chief economist Sung Won] Sohn said.
west north 