June 2, 2006, 10:42 am
outgoing Treasury Secretary John Snow Says the Glass Is Full
Today’s report is good news for American families. It shows that our economy is on solid footing and that we are heading in the right direction, giving Americans a renewed sense of optimism.
Although employers added only 75,000 jobs in May — widely seen as a sign of slowdown in economic growth — outgoing Treasury Secretary John Snow sees only good news, highlighting a decline in the jobless rate of one-tenth of a percentage point and ignoring the news that average wages barely budged.
“With unemployment at a remarkable 4.6%, this month’s employment report shows continued strength in the U.S. labor market and an economy moving in the right direction, he said. “Today’s report is good news for American families. It shows that our economy is on solid footing and that we are heading in the right direction, giving Americans a renewed sense of optimism.
“I am pleased to note that virtually everywhere one looks there is good economic news, he added.
But Bernard Baumohl of the Economic Outlook Group, read the numbers differently: Today’s weak employment report represents one of the more concrete signs that we are about to enter a sustained economic slowdown in the second half.
So did PNC economist Richard Moody. “The May employment report brought cheer to the bond market, he said. After all, the only thing a bond trader dislikes more than seeing someone get a job is seeing someone get a raise.” –Deborah Solomon
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