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Next Economy Notes - A Mixed Bag on Jobs Day
The long awaited April Jobs numbers are in.
Topline: Employers added 115,000 jobs in April, well under the consensus estimate of 165,000.
But the nation's unemployment rate dropped a tenth of a point to 8.1% - a three year low.
You might ask yourself: How does unemployment drop in this scenario?
The White House says the economy is continuing to heal.
Despite the lukewarm report today, a survey of economists predicts unemployment below 8% by election day - a 2 point drop in unemployment since election day 2010.
The New York Times compares the recovery in the US vs the Eurozone. Guess who comes out on top?
The Economist weighs in on the austerity argument.
Wrapping up Jobs Week, here's a quote on local and state government job loss from Jared Bernstein:
Last month, local education jobs were down 11,000 and they’re down about 100,000 over the last year. Next time your friendly politician is jawboning about a) the benefits of austerity and spending cuts, and b) the importance of education, please point out the hypocrisy.