Friday, May 3, 2013

WE'RE ALL GONNA SEE

There is, as one might expect, no shortage of quotes about today's announced job numbers.

We thought it might be fun and perhaps instructive to list a few. These are from Market Watch.

• “Jobs [numbers] more good news on top of consumer confidence, lower deficit, $35B debt paydown, housing recovery. Only cloud on horizon: sequester.” — Rep. Gerry Connolly, Democrat of Virginia. @GerryConnolly.
• “Now is not the time for Washington to impose self-inflicted wounds on the economy. The Administration continues to urge Congress to replace the sequester with balanced deficit reduction, while working to put in place measures to create middle-class jobs, such as by rebuilding our roads and bridges and promoting American manufacturing.” — Alan Krueger, chairman of President Barack Obama’s Council of Economic Advisers.
• “Today’s jobs report showed some signs of hope for the thousands of people who found a job in April. However, this growth is way behind our nation’s potential. We must focus on job creation more than one day a month.” — House Majority Leader Eric Cantor, Republican of Virginia.
• “Like: Biggest rise in temp hiring in 13 months. Don’t like: Zero [manufacturing] job gains, and first decline in construction since last May.” — Ian Shepherdson, chief economist, Pantheon Macroeconomic Advisors Inc. @IanShepherdson.
• “The latest jobs report shows that we are a long way from a true resurgence in American manufacturing. We strongly believe that we won’t see real growth in manufacturing jobs without the right policies from Washington, DC.” — Scott Paul, president of the Alliance for American Manufacturing.
• “The Fed will view this with some relief. The better job numbers will diminish some of the near term risks to growth and in principle diminish some of the angst accumulating with the roll over in the inflation data.” — Eric Green, Global Head Rates, FX & Commodity Research, TD Securities.
• “This month’s abysmal jobs number – 165,000 new jobs in April, barely enough to cover new people coming into workforce – is a self-inflicted wound. Government austerity – tax hikes and spending cuts – is suffocating the economy, just when it needs air. And the perversity will get worse. The sequester cuts are only now beginning to hit.” — Robert Borosage, co-director of the Campaign for America’s Future. 
There's a line in an old Don Williams song: "I guess we're all gonna be what we're gonna be." It's probably just as likely we're all gonna see what we want to see.


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