Monday, February 09, 2004

The labor market, it is a'changin' 

That's what the White House says in its annual economic report.

WASHINGTON (Reuters) - The U.S. economy should shed its jobless label this year with the creation of about 2.6 million new positions, the White House forecast on Monday.

If realized, the jobs turnaround could help President Bush's re-election prospects. Bush has faced withering fire from Democrats over the lack of new jobs.

In the annual Economic Report of the President, the White House said the number of workers on U.S. non-farm payrolls was likely to rise to an average to 132.7 million this year from a 2003 average it thought would come in at 130.1 million.
That's incredibly optimistic. Now, I'm no economist, and I don't have the data that led to this forecast, but it just sounds unlikely to me. (And if it's right, that's awesome.)

Either the White House is very confident that these new jobs are on the way, or counting on people to forget this forecast if it is not proven right. If it turns out to be right, the Democratic candidate for President will have an uphill climb, as his major issue will be taken off the table.
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