Trump’s first jobs report

Before the last payroll report, I arbitrarily decided to mark it as Obama’s last and this one as Trump’s first. The reason was that everybody was all excited about the expectational effects of the Trump election and that it therefore seemed fair — so long as you did it ahead of time — to give the Dec employment report to Trump.

So it looks likes slower job growth and rising unemployment. Just what I expected from El Presidente.

Kidding! I have not looked in detail at the jobs figures because I am busy with other stuff this AM and because I am more interested in the policy debate (does not rise even to VooDoo economics, says Summers) than in data watching.

screen-shot-2017-01-06-at-11-59-49-amNote how the GOP presidents are all clustered at the top. That is NOT a good good thing.

But the US is at roughly full employment and 150k a month is consistent with a further slow decline of unemployment going forward. So I would not look for much “better” than this going forward.  What we were trying to achieve on jobs, we mostly already have. (If you want higher real wages, you are probably going to need better productivity, probably not best achieved with a trade war.)

The GOP and its media quislings want to convince us that there is massive hidden unemployment which Trump has the plan to fix. I don’t have those priors, so I will not hold President elect Fuckface Von Clownstick to account for these numbers, particularly given the embarrassment of riches elsewhere.

Meh.