Saturday, March 8, 2008

At least the weatherman knows the current temperature

The jobs report is, as Felix Salmon notes, pretty dreadful. The payroll and the household surveys agree that the number of jobs fell; and since a large number of people left the labor force, the level of unemployment might well be worse than it looks. I think it's rather unlikely that we'll skirt a recession--if we aren't in one already.
I realize it's a bit unfair to fault Megan for something real economists might also say, but who said life is fair?

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