Economists Are at a Loss; So Are Jobs

By:  Bob Adelmann
07/12/2011
       
Economists Are at a Loss; So Are Jobs

Once the awful job numbers announced by the Bureau of Labor Statistics on Friday were digested, it was clear that the clairvoyant economists looking into their crystal balls were dead wrong — again.

Most economists were expecting a pickup from May, with job growth estimates ranging from 100,000 to 175,000, and an upward revision on the May numbers as well. Neither happened. A mere 18,000 jobs were created in June, and the May numbers were revised downward from 54,000 to 25,000. Economists tried to explain away the poor May numbers, blaming everything from the weather (too hot, too cold, too rainy, too windy) to the disruption caused by the tsunami in Japan. But with those excuses now counter-balanced by excellent weather, cessation of tornadoes, and the Japanese car makers coming back online, there weren’t any excuses this time.

Once the awful job numbers announced by the Bureau of Labor Statistics on Friday were digested, it was clear that the clairvoyant economists looking into their crystal balls were dead wrong — again.

Most economists were expecting a pickup from May, with job growth estimates ranging from 100,000 to 175,000, and an upward revision on the May numbers as well. Neither happened. A mere 18,000 jobs were created in June, and the May numbers were revised downward from 54,000 to 25,000. Economists tried to explain away the poor May numbers, blaming everything from the weather (too hot, too cold, too rainy, too windy) to the disruption caused by the tsunami in Japan. But with those excuses now counter-balanced by excellent weather, cessation of tornadoes, and the Japanese car makers coming back online, there weren’t any excuses this time.

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