Yes, yes, I know, the jobs report was better than expected, not as bad as feared, a glimmer of hope, a kernel of confidence, a slash of color in an otherwise drab picture.
I’ll tell you what, I was prepared to make a point on this morning’s News Hub, a good point. But I’ll admit, the numbers were better than expected, they surprised me, too, and that was the story, and well, you know we get only a few minutes up there, so this point I wanted to make got pushed aside in my mind and I never brought it up.
It’s this: don’t lose sight of the bottom line.
Look, a net 54,000 jobs were lost in August. Yes, I know, the private sector created 67,000 jobs. But the Census Bureau let go 114,000 workers, temps hired specifically for the decennial poll. Still, the economy on balance shed jobs, and as far as growth goes, and consumer spending, and all those things, does it matter if the job lost was a public one or a private one? A temporary one or a permanent one? It just means that somebody, well, 114,000 somebodies, was getting a paycheck and now isn’t.