“Unexpectedly” – that word or a variation appears in almost every report about the economy. One example is this report about manufacturing growth.
“The pace of expansion in the U.S. manufacturing sector unexpectedly slowed in March”
“index of national factory activity … was shy of expectations”
“The prices paid gauge slid to 54.5 … compared to expectations of 59.8″
From another report:
“Confidence among U.S. homebuilders unexpectedly fell for a second month in March”
“Jobless claims surged this week, missing expectations”
Glenn Reynolds of InstaPundit fame was the first to notice this about four years ago. Since then pretty nearly every month the economic reports contain “unexpectedly” bad news.
When the economists are almost always wrong on their forecasts, why should anyone believe them? When the economists who advise the politicians are almost always wrong, why should we trust their prescriptions about how to fix this awful economy?