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Jobs

By Matthew Yglesias on November 5, 2010 at 8:33 am

"Jobs"

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151,000 new jobs in October, unemployment rate flat. Once again a positive number that’s consistent with the employment/population ratio never rising. Something to note—that I’ll look at in greater detail—is that for months now we’ve been getting the economy that conservatives claim to want. The private sector is growing and the public sector is shrinking. The net result of this is very tepid job growth, which is precisely why liberals have been saying it would be a bad result. But conservatives who’ve been saying we’re wrong about that have no right to complain about the ugly nature of the results. The fact of the matter is that attempting to undertake a substantial structural shift out of public sector employment in the middle of a recession is painful and insane. But it’s what we’re doing.

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