Raymond Richman - Jesse Richman - Howard Richman
Richmans' Trade and Taxes Blog
Jobs gain in January partly due to warm winter in U.S.
President Obama received some good news when the January jobs and unemployment numbers came in better than economists expected. But the numbers were not nearly as good as they seemed. They were largely the result of an incorrect seasonal adjustment. Action Forex, a weekly Internet publication of Wells Fargo, makes this point:
Still, Wells Fargo sees these jobs numbers as a positive sign. They write:
If the economy grows at only a 2% rate in 2012, that would continue the current high unemployment, declining median income, economic stagnation -- the persistent depression that is the lot of trade deficit countries, as predicted by John Maynard Keynes.
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