Here is a classic bit of spin from Reuters.
The actual news is the disclosure much of the federal government’s job-creation statistics for the past couple of years have been biased downward. Revisions increased the number of jobs created in the U.S. by more than 800,000 from March 2005 to March 2006. They increased the number of jobs created in July and August of this year alone by some 70,000.
But this is, of course, bad news, according to Reuters. From the second graf of the wire story:
The problem: the boost to past employment makes a recent pullback in hiring seem all the more abrupt, suggesting a stumbling housing market is dragging down other parts of the economy.
You have to work really, really hard to turn an upward revision of job creation into economic bad news. And the good folks at Reuters are, at least, hard workers.