{"id":184841,"date":"2012-01-06T20:49:00","date_gmt":"2012-01-07T01:49:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2012\/01\/06\/the-non-farm-payroll-numbers-are-out\/"},"modified":"2012-01-06T20:49:00","modified_gmt":"2012-01-07T01:49:00","slug":"the-non-farm-payroll-numbers-are-out","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2012\/01\/06\/the-non-farm-payroll-numbers-are-out\/","title":{"rendered":"The Non-Farm Payroll Numbers Are Out"},"content":{"rendered":"<p>And the <a href=\"http:\/\/www.latimes.com\/business\/la-fi-jobs-20120107,0,4629786.story\">numbers are good in an anemic sort of way<\/a>, with unemployment (U-3) falling from 8.7% to 8.3%, and non-farm payrolls rising by 200K.<\/p>\n<p>So how good is this?<\/p>\n<p>Not very good, <a href=\"http:\/\/krugman.blogs.nytimes.com\/2012\/01\/06\/the-soft-bigotry-of-low-employment-expectations\/\">according to the Shrill One<\/a>:<\/p>\n<blockquote style=\"color: blue;\"><p>First, note that there are still about 6 million fewer jobs than there were at the end of 2007 \u2014 and that we would normally have expected to have added around 5 million jobs over a four-year period. So we\u2019re 11 million jobs down \u2014 and we need at least 100,000 jobs a month just to keep up with working-age population growth. Do the math, and you\u2019ll see that it would take 9 or 10 years of growth at this rate to restore full employment.<\/p>\n<p>Alternatively, note that during the Clinton years \u2014 all 8 of them \u2014 the economy added around 230,000 jobs a month. As it did that, the unemployment rate fell about 3 1\/2 percentage points \u2014 which is about what we\u2019d need from here to get back to something that felt like full employment. Again, this suggests that we\u2019re looking at something like a decade-long haul to have full recovery.<\/p><\/blockquote>\n<p>Not good enough.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>And the numbers are good in an anemic sort of way, with unemployment (U-3) falling from 8.7% to 8.3%, and non-farm payrolls rising by 200K. So how good is this? Not very good, according to the Shrill One: First, note that there are still about 6 million fewer jobs than there were at the end &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[973,975,1089],"tags":[],"class_list":["post-184841","post","type-post","status-publish","format-standard","hentry","category-economy","category-employment","category-recession"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/184841"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=184841"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/184841\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=184841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=184841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=184841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}