Employment Growth - The Goldilocks Curse

Posted by M ws On Friday, October 25, 2013 0 comments
Employment growth might be the most important story in U.S. economics today. For two years, it has also been the most tedious.

Each month, the Bureau of Labor Statistics reports the previous month's job numbers. Each Jobs Day, the economic followers get very, very excited—as well we should. Employment is the beating heart of an economy. It's the point of growth. But in the last few years, something happened to this growth story that's difficult to express, as a journalist, because we're really not supposed to use the word I'm about to use.

Job growth became boring. Not the issue, but the story.

Let's draw the camera lens back to early 2009, the first year of Obama's presidency, and the nadir of our employment recession. When you look at our month-by-month job figures, they're spiky like a silhouette of stegosauruses standing head to tail. Particularly that big jump and fall in 2010 due to temporary Census workers. This story doesn't look so boring. In fact, it looks unpredictable.

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