Friday, January 6, 2012

Economist's Reactions to Today's Employment Numbers

From the WSJ's Real Time Economics:
Economists and others weigh in on the increase in U.S. jobs and the drop in the unemployment rate.

December’s employment report was better than expected across the board. You don’t have to be a rocket scientist to interpret today’s number, just check off the boxes: a pick-up in nonfarm payrolls, another drop in the unemployment rate, a tick up in hours worked, and a mild gain in hourly earnings. Today’s report extends the steady diet of solid economic data, and suggests the US economy built up momentum as we closed out the year. –Neil Dutta, Bank of America Merrill Lynch

This morning’s stronger nonfarm employment data and drop in the unemployment rate to 8.5% provide at least a glass is “half full” assessment of the economic environment. Unfortunately, the glass is very small. –John Silvia, Wells Fargo

Job creation in December occurred across a number of categories, including transportation and warehousing, retail trade, manufacturing, mining, food services, professional and business services, construction, and healthcare. There were also 12,000 lost government jobs. It is positive that the rate of government job losses has slowed in recent months. –Jason Schenker, Prestige Economics