The Labor Department reported today that the US economy added 266,000 jobs last month. Normally that would be a healthy number. But it’s roughly three quarters of a million jobs short of what most economists were expecting. In other words, it’s a massive miss and as economist Justin Wolfers puts it, it is a “big miss that changes how we think about the recovery.”
Continue reading “A Big, Big Miss and Why You Should Never Listen to Larry Summers”