Money Minute: What's not to like about job stats? (LA Times)

[pinto]

By David Lazarus
February 3, 2012, 12:49 p.m.

Unemployment is down. Hiring is up. What's not to like?

Well, if you're a conservative dedicated to painting all things Obama in the most unflattering light, the latest labor stats are yet more proof that the president is simply incapable of doing his job.

"We can do better," declared GOP front-runner Mitt Romney. "These numbers cannot hide the fact that President Obama's policies have prevented a true economic recovery."

The economy added 243,000 jobs in January, far more than economists expected. The unemployment rate dropped to 8.3%, the lowest in three years. The high-salary professional services industry added 70,000 jobs, the most in 10 months. Manufacturing added 50,000, the most in a year.

Is that good enough to turn things around right away? Not by a long shot. As things stand, it'll take years to return the U.S. to full employment. But isn't it time to give a little credit where credit's due?

http://www.latimes.com/business/money/la-fi-mo-money-minute-20120203,0,2009814.story

[denverbill]

1. I wonder if the retirement of the baby boomers is having any impact on these numbers

The baby boom started in 1946, so boomers should have started retiring last year. IIRC it's something like an extra million people per year during 1946-1964.

Whatever the reason, it's certainly welcome news.

[pinto]

2. Not sure how the statistical algorithm is set up. Assume it's consistent over time, though.

Yeah, welcome news...