Goolsbee: Jobs Report a ‘Punch to the Gut’

by Andrew Johnson

Even members of the Obama economic team couldn’t hide their disappointment in this morning’s jobs report. On CNBC this morning, Austan Goolsbee, a former chairman of Obama’s Council of Economic Advisers, said that the economy’s generating 88,000 new jobs last month was “a punch to the gut. This is not a good number. We all overshot.”

Earlier in the show, Goolsbee had predicted that 153,000 new jobs would have been added in March. When Goolsbee suggested that the low number was due to the sequester cuts, contributor Steve Liesman corrected him: “Not the sequester, but the payroll tax.”

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