In "U.S. Economy Has a ' Royal Straight Flush' - Jamie Dimon," CNNMoney reports that
when asked why, at a time of record profits, Corporate America isn't hiring more, [JP Morgan CEO Jamie] Dimon said American businesses had added 4 million jobs in the past two years."
What he failed to mention, however, was that Corporate America had shed 8 million jobs in the two years before that, based on data on total private payrolls from the U.S. Bureau of Labor Statistics (i.e., Series CES0500000001).
So, in reality, Corporate America has actually eliminated 4 million jobs over the past 48 months.
Could that be the real reason why Mr. Dimon is "overwhelmingly optimistic"?
Michael J. Panzner
