After an upswing at the beginning of this year, the labor market is back in the doldrums. The latest report from the Bureau of Labor Statistics said the U.S. economy created just 114,000 jobs in September, and although the unemployment rate fell to 7.9 percent, the workforce remains shrunken. And even those gloomy numbers obscure the suffering of the long-term unemployed and the millions of workers who have dropped out of the labor force in the aftermath of the recession. Stay up-to-date on the state of the labor market with AEI’s economic experts, and find out their ideas for how to get America back to work.
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A little inflation above the Fed’s preferred rate isn’t the end of the world — it’s a manageable problem, and may even be desirable. Letting millions of workers sit on the sidelines of the labor market is a bigger problem.
Have Americans forgotten that this is a great nation? And that great nations can shape events, and not merely observe them?
Americans are lagging indicators when it comes to economic improvement, slow to see positive news and often worried that there will be backsliding. Today’s disappointing jobs report, with fewer jobs gained than expected, will underscore the pessimism in the polls.
In the game of telephone, a word or sentence becomes unrecognizable if enough people repeat it, especially when people are not trying hard to get it right. Jared Bernstein, Kenneth Austin, and Paul Krugman are playing telephone and misrepresenting the relationship between balance of trade accounts, GDP, and jobs.