In Krugman’s blog on the Times’ website, “The Conscience of a Liberal,” Krugman greets the news of a massive exodus of discouraged workers from the workforce forcing the unemployment rate down two tenths of a point in a single month with a yawn.
The headline number came in a bit below expectations, but that’s probably just the noisiness in the data. The best hypothesis about the US economy this past year and more is that it has been steadily adding jobs at a pace roughly fast enough to keep up with but not get ahead of population growth. Today’s report was consistent with a continuation of that story. Nothing to see here.
If there are any chronically unemployed or discouraged workers that read the New York Times’ website, it is hard to imagine how they are not insulted by this dismissive take on today’s unemployment report.
Read the blog post via New York Times
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