Better

This from Dr. Krugman -- please follow link to original
------------------------------------------------------------

Better

No, not me — nothing like a 13-hour flight from Moscow to Houston to treat a cold. But the jobs report was definitely the best news we’ve had in a while.

The usual caveats apply: it could be a blip, it might be an artifact of seasonal adjustment, etc.. Also, the gap remains huge. Suppose that we need 100,000 jobs a month to keep up with population growth, and that we’re 10 million jobs in the hole — both conservative estimates. Then we need about 7 years of growth at this rate to restore full employment.

Alternatively, note that this month’s job gain roughly equals the average job gain during the Clinton years — all 8 of them. And unemployment at the start of that run was higher than it is now.

Still, genuinely good news. And I’m surprised that there wasn’t more action on Intrade; I’d say that Obama’s chances are looking significantly better.