In the meantime, Gregor Macdonald…
It frankly doesn’t matter that some states, or even the United States, created non-farm jobs since the lows of 2009. The US economy is a large system that employed over 146 million at its peak last decade.
Now, having added nearly 30 million to its population over the past 10 years, the US employs 6-7 million fewer people than in 2005.
The implications for the operating costs of this system, from Social Security to Defense Spending are obvious. Thus, it’s a failure of analysis—an inability to comprehend scale—that leads people to conclude good news, or even bad news, from the month to month data.
Indeed, calling a +30,000 jobs number on the national level a ‘disaster’ has as little meaning as calling a +150,000 jobs number ‘good news’.