Spun out of control.

I have mentioned many times before in both forum posts, articles and this blog, that there was definitely a consensus between the media, government and financial circles to deliver good news, even when the bad news is so dire, they search for a shred of positivity to deflect the heat. I quote from a previous post of mine here on 23rd July:

"...whilst this is conjecture and my promise is to give fair warning of such, have you noticed how there is no "bad news"? When we had the collapse of 2008, Michael Howard MP complained to the BBC that Robert Peston (Bongo Bob - the drum of the city as I call him), shouldn't have reported so quickly causing the markets to suffer even more.

Even now, when reading the BBC and Bloomberg sites, they're scattered with good news, and yet, when I read further away from the mainstream, I still see some very worrying trends, especially in the US housing market."

So why this post?

Well, today it has been announced that the US has shed 131,000 jobs. No glossing over the facts from BusinessInsider.com, MarketWatch.com, EuroInvestor.com, even the BBC tells it like it is (well, it's not the UK directly is it now).

However, let's look at Bloomberg. The headline and first few sentences say:

U.S. Companies Add 71,000 Jobs; Unemployment at 9.5%

Companies in the U.S. added workers in July for a seventh straight month at a pace that suggests the labor-market recovery will be slow to take hold.

Private payrolls that exclude government agencies rose by 71,000 after a June gain of 31,000 that was smaller than previously reported, Labor Department figures in Washington showed today. Economists projected a 90,000 July increase, according to the median estimate in a Bloomberg News survey.

Come on Bloomberg... you need to do better than that. Your core audience is investor driven and they'll soon see through the spin and move elsewhere. To everyone else that watches the financial news closely, it shows we need to diversify our news, and distill the truth from as much information as possible.