Today's Employment Report
By Arnold Kling
The BLS reports (note that by next month this link will be to a new report) that payroll employment over the past three months has increased by an average of 245,000 jobs. One of the patterns that Ed Leamer found in Macroeconomic Patterns and Stories is that employment has a lot of momentum. Given the average over the past three months, it is very likely that employment growth will be strong in the months ahead. At least, that is what past patterns would predict, even if your mood says otherwise.