By the time most of us wake up Friday, the Labor Department will have released (8:30 EST) the employment report for December. There is much wishing in the media and a nation with crisis fatigue for a real recovery. That will not make it so, and neither will the December jobs report whatever it shows.
The ADP survey Wednesday indicated employers increased jobs by some 297,000 last month, double the consensus expectations. But the survey doesn’t always jibe with the actual Labor Department results.
Unemployment is so deeply entrenched that a real recovery will be judged on consistent monthly job gains at least above 200,000 — and even at that rate improvement will be painfully slow. One month will be nice, but meaningless. Keep your fingers crossed.
Today’s Econ Haiku:
Your taxes at work
Subsidizing Facebook (yes!)