Let the Spinning Begin
11:39 AM, Apr 4, 2014 • By GEOFFREY NORMAN
The monthly jobs report is in and the sound one hears all around Washington is that of spin machines running through the gears.
The non-farm payroll number is 197,000. Which puts it just below the 200,000 that Politico’s Ben White was saying, just last week:
One can predict, with fair confidence, that this analysis will be subject to some revision. And that various new interpretations will be advanced to explain why:
a.) The number came in low.
b.) It isn’t really that bad if you factor in the weather, along with other random, external factors.
c.) It is the fault of the Republicans in Congress.
Largely neglected by the spinners and the rest of Washington where this is pretty much a game and people actually have jobs – some of which entail coming up with nifty slogans like the "Fair Shot" agenda – is the fact that 200,000 doesn’t really buy you very much. If that rate were to be sustained – a large “if” judging by past performance – then it will be better than 5 years before the economy gets back to pre-recession employment levels.
So it would be hard to say that this report lives up to Matt Phllips headline at Quartz which reads:
Be interesting to read what “everyone” now has to say about why they were wrong.
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