August 01, 2014
A New York Times article on new economic data from the euro zone noted a 0.1 percentage point rise in the unemployment rate in France. It told readers that this rise (which is almost certainly not statistically significant):
“is likely to bolster concerns that France is stuck in an economic rut and politically incapable of making changes to labor rules or putting in place other overhauls needed to improve economic performance.”
There is no one quoted making this claim, it is simply an assertion of the article. In this context, it is worth noting a piece in the NYT Upshot section by Justin Wolfers, which was also highlighted in Paul Krugman’s column today. Wolfers noted the nearly unanimous view among the economists surveyed by the University of Chicago’s Initiative in Global Markets that President Obama’s stimulus created jobs and that it was more than worth its cost.
In the economics profession there is not much dispute that additional government spending in a depressed economy will lead to more jobs and growth. However, this view appears to have no place in the NYT’s reporting on Europe’s economy, instead we get unattributed assertions about bolstering concerns.
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