Source: Boston GlobeIn economist-speak, Friday's jobs report brought the "hard data" into line with the "soft data. " Before Friday, anecdotal evidence and independent surveys generally pointed to an economy facing major headwinds as a result of erratic policy, but official employment numbers still said that growth was solid. On Friday, however, the Bureau of Labor Statistics reported weak job growth in July and, more important, revised down its estimates for May and June.
On Friday, however, the Bureau of Labor Statistics reported weak job growth in July and, more important, revised down its estimates for May and June. The official numbers now show a slowing economy — not a recession, at least yet, but a marked slowdown. Here's the three-month moving average of job growth:Most economists found this report entirely credible.
Here's the three-month moving average of job growth:Most economists found this report entirely credible.