Still No Jobs

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"Still No Jobs"

New employment report revises October downward, revises November upward (into slightly positive territory), and shows modest job losses for December. It’s important not to get too focused on the number zero. The November number was better than what we got in October or in December, but job creation at that anemic pace still means you have an increasing level of idleness rather than an a recovery from the jobs disaster of last winter.

Given the situation, it’s pretty insane that the political conversation in DC seems to have pivoted to the budget deficit. We need to be talking about doing more to boost employment in FY2010 and we need to be talking about quantitative easing that could reduce the deficit through growth.

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