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September 7, 2013
August jobs report: We're 'dead in the water'
One of the first economists I read after the monthly, "official" jobs report comes out is James Pethokoukis of AEI's public policy blog. Pethokoukis has a nice way of breaking through all the spin and revealing an employment picture that goes inside the numbers to tell us the true nature of the jobs market. After August's horrible numbers, Pethokousis doesn't seem optimistic. How do you know the August jobs report was pretty bad? When the best thing you can say is that it might have met Wall Street expectations if not for a temporary shutdown in the porn industry last month. (The motion picture and sound recording industry lost 22,000 jobs in August, according to the BLS.) Sure, the White House can argue, as economic adviser Jason Furman did right after the report's release, that the "incoming economic data broadly suggest that the recovery continues to make progress." But consider the following: 1. This was the jobs report that was supposed to reflect an economy...(Read Full Post)