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Economists React: Jobs Report ‘Stronger-Than-Expected, Yes, Strong, No’
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| Contributor | Brandonius Maximus |
| Last Edited | Brandonius Maximus Sep 03, 2010 11:29am |
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| Category | General |
| Author | Phil Izzo |
| News Date | Friday, September 3, 2010 05:00:00 PM UTC0:0 |
| Description | —It is a sigh of relief. The labor market in August was lethargic, but better than feared reducing the fears of a double-dip recession. Private payrolls went up 67,000 even though the overall nonfarm payroll fell 54,000 due to the census layoff. –Sung Won Sohn, Smith School of Business and Economics
–The August employment report confirms the “Big Stall” rather than outright contraction in the economy… Saying the economy isn’t about to contract is not, unfortunately, the same thing as saying that growth momentum has returned. If anything, a read into the details of the report indicates the extent of the economy’s stall. The growth in private payrolls was confined to Healthcare & Social Assistance (which seems to go up every month regardless), temp workers plus construction — of which 10,000 of the 19,000 were returning strikers. Everything else summed to zero and all of these sectors reported numbers that were marginally on one side or the other of zero. –Steven Blitz, Majestic Research |
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