O’Connell Weighs In On Newest Job Figures At Politico Arena

Ford O’Connell’s response to today’s Politico “The Arena” question, “Thumbs up or thumbs down on jobs?”:

Reporting that the unemployment rate is down when the largest factor in that change is people giving up seeking work is Orwellian “doublethink.” The sluggishness in job growth is the story.

Despite some bright spots in manufacturing and retailing, the overall pace is subpar and we’re losing ground relative to the growth of the working-age population. Coupled with the significant downward revisions of the 2010 employment numbers, this report suggests that uneven growth in jobs and significant under-employment will be the prevailing economic pattern for some time to come.

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