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Friday, September 7, 2012

Krugman on Jobs Report

Blog post in its entirety:  "The headline number came in a bit below expectations, but that’s probably just the noisiness in the data. The best hypothesis about the US economy this past year and more is that it has been steadily adding jobs at a pace roughly fast enough to keep up with but not get ahead of population growth. Today’s report was consistent with a continuation of that story. Nothing to see here."  Plus Jonathan Bernstein at Wash Post agrees.

My only point would be:  Pundits have claimed with each jobs report in past six months that it could be a game changer or at least have significant impact with voters.  Some reports were good, some not so.  Poll numbers afterward moved little or not at all.  It will be hard to judge this month because of likely Obama bounce from convention (it's already shown up at Gallup) but based on history I'd ignore the pundit blather for now.  One more reason?  The most important job fact for most people is: Do I still have one?  

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