Today’s WTF headline is courtesy of the WSJ: Jobs Data Show Hopeful Sign, Though Economy Still Ails:
Employers cut jobs in April for the fourth month in a row, but the small size of the drop — 20,000 jobs — and a dip in the unemployment rate offered a tentative sign that the U.S. economy might be escaping a deep recession.
Despite the better-than-expected news, the economy is not healthy. Car sales hit their lowest level in nearly a decade in April, while the fall in home prices is accelerating and consumers are feeling the pain of higher food and energy bills. The decline in the unemployment rate to 5% from 5.1% reflects an increase in part-time jobs. The number of workers with full-time jobs declined.
The U.S. economy needs to add 100,000 jobs a month to keep up with population growth. "You can’t lose jobs on a continual basis and have the kind of growth in the economy that you want," said Lehman Brothers economist Drew Matus. He predicted shrinking payrolls for the rest of this year.
Here’s the accompanying video:
"I am impressed that the economy is improving overall"
I disagree with everything Tig Gilliam sez, except for his comments about high skilled technical workers. I don’t want to tell you what we just paid to hire a very good software architect (big number). And, I consider us lucky to have found him . . .
Jobs Data Show Hopeful Sign, Though Economy Still Ails
Employment Falls, But Not as Quickly; Mr. Crooks’s Hunt
SUDEEP REDDY and KRIS MAHER
WSJ, May 3, 2008; Page A1
Re: WSJ — Thanks for the updates