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I find it interesting that the payroll data is regarded as good news today when A) it came in below expectations and B) new jobs created were barely enough to cover population growth, let alone make a dent in the unemployment glut. The government’s forecasts for recovery require job creation 2x the historical average over nearly a full 10 years just to get unemployment back to healthy levels. And this is while surging productivity gains is helping business grow without hiring new help…
Sorry, not good news for the economy.
PS – the best thing about having a bearish sentiment on such matters is that you’re either right, or the news is pleasant surprise. win/win! (I’d love to see some REAL good news in this data, but unfortunately I don’t think this comes close)
Sincerely,
Armchair Economist