Friday brought a relatively good employment report. The economy added fewer jobs than economists had hoped for, but they were of good quality: most of them came from private companies, rather than the government. Construction did extremely well, as new houses are being built. Further math showed that the economy actually added more jobs than we thought it had in November and December.
It is tempting to call this a recovery. A number of economic indicators show that the economy is at least moving forward, rather than back. Housing is doing well, for instance. GDP, except for a blip late last year thanks to lower defense spending related to the fiscal cliff, shows every sign that it will continue to grow.
Note this glum start to the Bureau of Labor Statistics' news release today:
"The number of unemployed persons, at 12.3 million, was little changed in January."Further down, something even more glum:
"In January, the number of long-term unemployed (those jobless for 27 weeks or more) was about unchanged at 4.7m and accounted for 38.1% of the unemployed."Those figures tell the truth more than any other numbers do. Let's leave the jobs report behind and look at the jobs picture.
Tuesday, February 5, 2013
Heidi Moore @ The Guardian: