Nouriel Roubini and Bizarre U.S. Jobs Report
Three days after the Democratic Party lost control over the U.S. House of Representatives in the midterm election, the Obama administration heralded a supposedly impressive jobs report. According to the Bureau of Labor Statistics, the U.S. economy created a net total of 150,00 jobs during October. Sounds good. However, the unemployment rate stood at 9.6 percent, suggesting that previously discouraged workers reentered the job market.
Now here is where things get really strange. According to Nouriel Roubini, there is something contradictory about the claim of strong job creation in October. Here is what he tweeted: “Household survey: employment fell 330K last month & labor force participation rate at 25yr low. How does that square with 150K jobs gain?”
If Professor Nouriel Roubini is skeptical about the laudatory jobs report just released, we all should be.
