November’s better than expected jobs data, whereby job losses hit a 23-month low, has emboldened white house chief economic adviser Larry Summers to forecast a U.S. jobs recovery beginning this spring.
Bloomberg: “I believe, as do most professional forecasters, that by spring, employment growth will start to be turning positive,” Summers, director of the National Economic Council, said in an interview yesterday on ABC’s “This Week.”
The November jobs numbers were great news for the administration. Too bad they couldn’t simply take their win and stop there. They have this unfortunate habit of always setting the bar a bit too high. While the view is widely held and could end up correct, there is far more to lose than win by making such forecasts. Especially in regard to such a sensitive issue as jobs.