Surprise! Another lousy jobs report.
Obama and his fans will jump up and down about the 163,000 jobs created.
While economists disagree on precisely how many jobs need to be added each month just to keep pace with the additional workers, it generally ranges from 100,000 per month (AP) to 100,000 to 125,000 (Heritage Foundation) to about 130,000 (New York Times). Some say a “sustained recovery” requires 250,000 jobs per month.
Of course, the unemployment rate ticked up from 8.2 percent to 8.3 percent. And Zero Hedge makes the argument that when you look at what the Bureau of Labor Statistics did for “seasonal adjustment” and the changes in the birth and death rate, the job creation number looks much, much less reliable.
The conversation among the analysts on CNBC this morning has been quite amusing:
“This is what happens when people expect nothing – if you get something more than nothing, they’re happy.”
“The economy is growing – barely. We’re not adding jobs in any significant numbers. Confidence is at recessionary levels.”
“Yes, but the rate of stink is not as bad.”
The unemployment rate when Obama made his “If I don’t have this thing done in three years” statement was.. 8.3 percent. The same rate it is today.