No job growth for eight months?

Posted October 30, 2009
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On CBS’ Early Show today, Vice Presidential Economic Advisor Jared Bernstein emphasized the Administration’s new estimates that the stimulus has “saved or created” one million jobs. I won’t belabor the point that these estimates are unreliable.

But in a classic example of burying the lead, Dr. Bernstein was asked when he expected job growth.

Harry Smith: When does this economy start to create jobs on its own?

Dr. Bernstein: As far as the overall economy is concerned, private sector forecasters tell us that by the second half of next year, net job growth should be positive, unemployment should be coming down.

I hope this is expectations management. The beginning of the second half of next year is eight months away.

Here’s the follow-up question I’d like to see asked:

If these projections are correct and the economy loses jobs for the next eight months, how certain is economic recovery?

See for yourself, beginning at 02:38.

Watch CBS News Videos Online

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Comments

8 Responses to No job growth for eight months?

  1. Rick Caird November 1, 2009 at 5:56 pm #

    I have taken to turning off CNBC when Bernstein come on. He spins more than your typical whirling dervish. I trust nothing he says. Nothing.

    Reply
  2. Menzie Chinn November 4, 2009 at 2:27 am #

    As I recall, it was 22 months from the end of the 2001 recession to the beginning of sustained positive growth in nonfarm payroll employment, according the latest vintage of NFP data.

    Reply
  3. Sofia November 9, 2009 at 4:09 pm #

    Democrats in the bellwether of Virginia this past Election Day

    Reply

Trackbacks/Pingbacks

  1. Tweets that mention No job growth for eight months?  |  KeithHennessey.com -- Topsy.com - October 30, 2009

    [...] This post was mentioned on Twitter by W. H., anthony warren and Keith Hennessey, James Pethokoukis. James Pethokoukis said: RT @KeithHennessey: White House: No job growth for eight months? http://bit.ly/2tpEpY [...]

  2. Hot Air » Blog Archive » Video: Biden econ adviser says employment won’t rebound for eight months - November 1, 2009

    [...] Keith Hennessey captures this moment of both media skepticism and surprising revelation from CBS’ Morning Show on Friday.  Harry Smith interviews Jared Bernstein, chief economic adviser to VP Joe Biden, and presses him on both the administration’s announcement that economic recovery has begun and on increasing joblessness in the near term.  Bernstein, at the 2:38 mark, then makes an astonishing assessment: [...]

  3. The Greenroom » Forum Archive » ObamaCare: Dithering while the economy burns - November 9, 2009

    [...] were the issues that walloped Democrats in the bellwether of Virginia this past Election Day. And job growth may not turn around enough for voters to notice by next November. The more Dems dither and threaten the business climate, the more unemployment rises, and the [...]

  4. Patterico's Pontifications » ObamaCare: Dithering while the economy burns - November 9, 2009

    [...] were the issues that walloped Democrats in the bellwether of Virginia this past Election Day. And job growth may not turn around enough for voters to notice by next November. The more Dems dither and threaten the business climate, the more unemployment rises, and the [...]

  5. Unemployment and the Midterms - Ross Douthat Blog - NYTimes.com - November 16, 2009

    [...] — the co-author of the over-optimistic chart that I tweaked in today’s column — telling CBS last week that job growth won’t return until the second half of next year. He may be erring [...]

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