RW,
RE: "I don't see evidence that the job market is dire, yet."
What I find most interesting is that even the vast majority of economists who think that inflation is "virtually nonexistent" and that the economy is strong think that there is something seriously awry in the fact that the job growth since the "recession ended" has been basically nonexistent. Sure, we may have (or may not have) created 300,000 jobs last month, but the cumulative job loss that has not been made up since the recession ended is still around 2,000,000 jobs. And no one, not even the Bush people, are denying that.
Of course various people think the 300,000 jobs are evidence that everything is "back on track;" in fact one moron TV commentator I heard said that if you have 300,000 jobs created each month until November the 2,000,000 figure basically disappears.
I for one think that even if one believes the -2,000,000 figure is accurate, there is still a lot of data needed. For instance, are the jobs that are finally being obtained paying $10,000 a year or $100,000 a year on average? It makes a hell of a difference IMHO.
DB |
