As always perspective. Keith Hennessy:
I’d like to suggest five takeaway points for you:
Today’s report is good news. We should wait for one more month of data to confirm today’s report before concluding that job declines have ended.
The picture has flattened out, but has not yet turned upward.
In political rhetoric, if next month’s data confirms today’s data, we will no longer be “headed in the wrong direction.”
We won’t be “headed in the right direction until the top graph turns up.
Once job growth has broken zero, the next threshold is +150K jobs per month. That should roughly coincide with a declining unemployment rate.
We have a long way to go: We need the economy to create 3.3 million jobs to get back to the employment level when President Obama took office.
We need it to create 7.2 million jobs to get back to our previous high in December 2007. We need it to create about 8 million jobs to get back to full employment.
Final point, absolutely no proof that the Obama administration had anything to do with it.
December 04, 2009
Tags :
Economy
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