This from Dr. Krugman -- please follow link to original
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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.
NAR: Pending Home Sales Increase 1.6% in February; Down 7.0% Year-over-year
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From the NAR: Pending Home Sales Rose 1.6% in February
*Pending home sales in January grew 1.6%*, according to the National
Association of REALTORS®. The M...
59 minutes ago
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