My colleague and writing partner Dick Lepre had some good quotes about the jobs report in the San Francisco Chronicle this weekend:
Dick Lepre, a senior loan officer at RPM Mortgage, found the jobs numbers mediocre.
“It was a weak report, coming on the heels of another rather weak report,” he said. “It shows that job growth at its core is pathetic, even after stimulus programs, enormous amounts of deficit spending. Washington has been trying to do something about it, but nothing has happened.”
He pointed out that after factoring in population growth, the report showed the labor participation rate just treading water.
“When you look at today’s report, the most striking thing is that as small as the gain in jobs was, it was almost exactly what we needed to keep pace with population growth,” he said. “That means 99.8 percent of the gain was just to stay where we are, keeping the same labor participation rate with an increased population.”