Recent Jobs Numbers So 2007


by Louis Woodhill

Imagine how you would feel if you were in the following situation. You’re taking a trip on the U.S. Economy Bus Line. There are 319 million people on the bus with you. It has been a rough ride so far, with lots of lurching and swerving.

You look out the window and see a sign a little ways ahead. It says, “Welcome to 143.6 Million FTE* Jobs.” You turn to a fellow passenger and say, “Hey, wait a minute. I think that we passed that sign back in November 2007.”

Federal Reserve Chairman Janet Yellen is driving the bus. There are eleven guys up front, wearing FOMC T-shirts. They are pouring over maps, and arguing about whether, when, and where the bus should turn. Then you notice, to your horror, that Ms. Yellen has her hands on the rearview mirror, rather than on the steering wheel.

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