Hooverville

Here’s a statistic guaranteed to be underreported: unemployment has fallen to 4.7 percent:

The unemployment rate has fallen to 4.7%, the lowest level since July 2001, as employers added 193,000 payroll jobs in January and totals for prior months were raised as well.

As Larry Kudlow writes, “Salesman-in-Chief George W. Bush” should “Set Up the Microphones Already“.

Update: Over at The Brothers Judd, Matt Murphy links to a Reuters piece which posits that the low unemployment rate could trigger inflation fears. In response, Matt writes:

One of the interesting things about the reported trade-off between inflation and unemployment is seeing which side of the issue biased reporters emphasize due to political circumstances.

Exactly.