All year long, the most widely anticipated economic report has been the "Jobs Report" which will be issued this morning at 8:30 AM. Of course, as the last important economic report before the election, it also has great political significance.
Economists are expecting about 125 thousand new jobs, with the unemployment rate virtually unchanged. (This number should not be skewed by SuperStorm Sandy, but the report next month might be.) The economic reality is that the report would be better than a "sharp stick in the eye" but is still too anemic for a country with such an under-utilized work force.
What I enjoy about economics is that it is both a science and an art. The number of new jobs and the unemployment rate is the science. Knowing it is good but anemic is the art. What I don't enjoy about economics is the political spin that follows.
If more than 125 thousand jobs were created and the unemployment rate actually drops, the Democrats will strut the recovery plan is working. If less than 125 thousand jobs were created and the unemployment rate increases, the Republicans will offer that as proof the recovery is stalled.
Actually, since they're going to say this anyway, regardless of the numbers, does the truth even matter in politics? You know the answer to that. Unlike governance, politics is just another subsidiary of the all-powerful advertising business.
Watching serious economic reports being spun for political purposes is like watching one of your kids getting "slimed" with unfair rumors. It ain't no fun!
Economists are expecting about 125 thousand new jobs, with the unemployment rate virtually unchanged. (This number should not be skewed by SuperStorm Sandy, but the report next month might be.) The economic reality is that the report would be better than a "sharp stick in the eye" but is still too anemic for a country with such an under-utilized work force.
What I enjoy about economics is that it is both a science and an art. The number of new jobs and the unemployment rate is the science. Knowing it is good but anemic is the art. What I don't enjoy about economics is the political spin that follows.
If more than 125 thousand jobs were created and the unemployment rate actually drops, the Democrats will strut the recovery plan is working. If less than 125 thousand jobs were created and the unemployment rate increases, the Republicans will offer that as proof the recovery is stalled.
Actually, since they're going to say this anyway, regardless of the numbers, does the truth even matter in politics? You know the answer to that. Unlike governance, politics is just another subsidiary of the all-powerful advertising business.
Watching serious economic reports being spun for political purposes is like watching one of your kids getting "slimed" with unfair rumors. It ain't no fun!
