Most of today’s overly gloomy economic commentary comes from a rather crabbed reading of the jobs report. After all, as chairman of the White House Council of Economic Advisors Alan Krueger said in reaction to the 43rd consecutive month of unemployment above 8 percent, we shouldn’t read too much into just one monthly jobs report.
Instead, look at the bright side. If Americans continue to give up looking for work at a rate of 370,00 per month, the unemployment rate will likely fall below 6 percent by the end of a second Obama term. As Joe Scarborough proclaimed about today’s report, “This is good news for the president.”
Obama-Biden: Full employment through unemployment.