Dick Green states:
The lack of job growth was the last refuge of the bears. Now, the idea that consumer spending will slow down in the months ahead because of a continued loss of jobs seems implausible. Yes, there will be more jobs shifted overseas and layoffs in selected sectors. A growing economy, however, leads to more jobs. The US economy is huge, and 57,000 jobs is actually a very small number. However, it is a move in the right direction. The virtuous economic cycle may kick in even while monetary and fiscal policy remain stimulative. The long-term fundamentals are bullish. -- Dick Green, Briefing.com
I wonder if Dick Green has seen this:
story.news.yahoo.com
Data Revision Confirms Weak Jobs Picture
Sun Oct 5, 7:33 AM ET Add Business - Reuters to My Yahoo!
WASHINGTON (Reuters) - A warning by the U.S. Labor Department (news - web sites) that it expects to revise down past employment data pours cold water on the view of some economists who believed the jobs market had been improving for some time, analysts said on Friday.
Statisticians at the Labor Department said they expect to revise down U.S. payroll employment by about 145,000 for the March 2003 reference month -- effectively showing even greater weakness in the sluggish labor market than previously thought.
The downward adjustment surprised Wall Street, which had been rife with speculation this week that Labor would adjust the figures up, bringing payrolls more in line with another survey which has shown a recent improvement in the job market. |
