President Obama’s decision to hold a summit meeting on jobs this month acknowledges the reality that people on Main Street have known all year. Jobs are not a lagging indicator as economists have told us. They are the indicator.
By classic economic measures, the United States economy has moved out of recession. The gross domestic product up. Stock prices are up. Surviving financial institutions are returning to healthy profitability, as is Corporate America. At the end of a typical recession, jobs would recover in due course. But the jobs situation is not stabilizing. It’s getting worse.
Another View: Innovation Can Unlock Job Growth - DealBook Blog - NYTimes.com
