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All right everybody well the markets certainly are not exactly thrilled with this job number but the numbers themselves pretty darn impressive joining me now for the hour with more on today's -- Rutgers University Bill Rodgers.
He is a former economist with the Labor Department and in Wheaton Illinois today it got Brian Wesbury chief economist with first trust advisors.
So -- -- start with you won this one used to say you have said in the past to meet -- the economy is better than many people think.
Does this report today signaled to you that we're headed for meaningful.
Meaningful recovery in the country.
For why I mean I'm not sure what that meaningful is a loaded word and it can mean anything to anybody and 8000 us you have to get out -- right that's a nice guy and I'm not sure where.
You know like -- we keep raising the bar you know I'd -- it's so funny I had there's no.
I've been an economist for thirty years and I have never -- 150000.
As some magic line either the economy is growing.
Or it's not -- the economy has been growing for the last.
22 months in a row we've created private sector jobs now.
Let me put a flavor on this we should.
Be doing a lot better than we are.
My belief is that the the reason the economy has been growing more slowly than it did.
Let's say back in the eighties -- the ninety's is because government is who.
-- some and that is what's keeping the economy -- from realizing its full potential.
But the economy is growing and it's accelerating today and I think it will continue to grow in 2012.
Okay -- let me give you another another number -- a 100000.
In the last six months we -- about a 100000 jobs on average that was the second half of 2011.
What does that mean for 2012.
Are really gonna see this two point one million dollar a 211 million job excuse me in the business person.
Estimate generally come true for 2012 as a possible.
Well right now.
With this report I -- I liked it you know it's it's it is 22 months of growth.
The number I've been focusing on this event range it's been a it's been hot it's above the 130 house 150000.
Okay which is outbreak over -- breakeven -- -- starts young can make fall and that's why we have seen jobless rate fall over the last -- -- -- last obviously twelve months.
Now going forward you know we still have some major headwinds out there with regards to.
What's going on in Europe.
Some in this sector I've been following this fits with pulling helping to pull back and -- these numbers are continued cuts in the public sector.
Which are especially with we look at by race and gender.
The I don't tolerate for African Americans and stayed still some left twelve over the last twelve months and end.
Implement rate for women actually had did not fall of that much and we think I think a large part that's because of the pulling back in the public sector to be lot of teachers administrators.
Of -- that you're getting into the demographics about and that's an important point you're making here but also take us to -- the view.
One of the things that is looking at a particular part that I found -- it was manufacturing jobs we added 23000.
The -- -- only 5000 some wondering Brian if you think -- -- -- -- -- -- -- in manufacturing in 2012 do you take this is a positive.
I do you know we we've got obviously some weakness in Europe -- me for example if you're now order an airplane -- are you -- buy an Airbus.
Which counts on subsidies from the European Union are you -- a -- of a Boeing aircraft at what we've seen as massive new orders for Boeing BMW has moved a ton of its production to the United States -- -- more stable platform I I think the United States is going to have a manufacturing.
Renaissance in the years ahead.
And I you know that that I don't get that out of just today's number.
But as a result today's number isn't that much of a surprise to me I think manufacturing is doing well the weak dollar helps.
It just let me just add one little quick point and that is -- -- the economy.
We we should be doing better than we are today.
And I and I think what's happening now is that slowly but surely were beginning to cut government spending we need to do it faster if we can do it faster.
I think that will help the economy all these stimulus plans what they end up doing is holding -- over I have.
I -- -- not helping it I respect your point but I but I you look back and for me the big challenge that this economy.
Has been a lack of aggregate demand a lack of personal consumption that many Americans went into this recovery with great amounts of levels of debt.
We didn't create a lot of jobs over the 20012007.
Recovery and so they're much much weaker.
Going to sort of missed the session and got really hammered.
And once we see that pick up which is 77%.
Of the of GDP I think that's really what's going to be the key that's going to be the engine moving forward.
That's not the issue of race not the issues around we're you know to regulated there's too much oversight if anything that we we.
If anything we learned out of the financial blob debacle that we need to have greater oversight of -- of what's happening oh my -- Kyra it was I don't agree with that they have it.
-- now on -- -- about a million they have the right kind of oversight and I there's another way and -- I -- I need over data front we needs we need oversight of Fannie Mae and Freddie Mac and the Federal Reserve which lowered interest rates to 1% and cause the housing bubble in the community reinvestment act that we need government oversight not.
Not private sector oversight at -- and the bottom line here.
Is what what were really getting to here talking about is do consumers does the economy needs stimulus and and my belief is is that you can't.
-- government spending can't stimulate an economy I -- look at Europe if it was true the government spending helping economies grow.
Europe wouldn't be in trouble today they would be booming but you can't you can't spend your way to prosperity you have to have a free economy to get -- -- I think.
I know integrated Dublin government the government we did -- -- a day at 121000 big government jobs did fall so we are and that's what that's spending that's falling as what it.
But it's part that's all I have -- that's what really what might lose my concern is that spending that is that those cuts are going in the wrong place we have to we're at a point now we have to be investing in human priority through the United States.
Investing in education and training four individuals when we haven't and on the -- -- that still you know I'll wait too -- a real unemployment rate it's over with about 15%.
That -- now at the time to be investing when people are out of work.
Or working part time so we can have be more production future and we can have those greater tax revenues.
And we can have the greater productivity in a world where there's less.
Let's look we -- is much -- -- I need to wrap it up but I think the point does have to -- -- about the December report you have to intent to factory in transportation and retail jobs.
January could be a different stories we're gonna have to have you both back -- -- -- event right here although there's a seasonally adjusted they started missing.
-- they did their jobs the Labor Department.
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