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Audio back to the morning's jobs report because that is firing all of these markets are gonna bring in Austin Goolsbee -- Obama -- -- Full song right he's a former Labor Department chief of staff under George W.
Bush by just one -- down on a 165000.
New jobs created I'm calling it solid.
Pull Conway less style would you how would you characterize this.
I would absolutely period I think it's solid -- specially take a look at the revisions over the past several months.
That's a positive sign going in the right direction and when you take a look at where we were in the fall we had a series or revisions or even further downward.
I think you've seen a correction now and we're headed in the right direction the challenge going forward is how do you keep that going yes now Austin I wanna see a big smile on your face this morning because.
Yet they have got a lot of stuff about evidence Stuart Varney -- that an accurate -- what happened and what he really was happiness you're gonna I'm clearly we have a guest host.
What does all of likely to believe that I'm bobcat might hear what ahead -- -- -- -- -- solid.
Enough with the -- young man I get if that do you think that this jobs report and especially those revisions in February and march.
It is that enough for you decide that now finally -- on the road to a much better stronger more robust recovery.
You know I wish but but -- -- not you know -- I read I think fundamentally this was a solid month that's a good description.
It's plus or minus a 100000.
So any one month doesn't mean much.
You see with it unbelievable.
The size revisions that we got for last month.
That you can't even tell what -- job month's numbers are that -- after you've seen them.
And where -- fundamental thing is that the growth rate of the economy's.
-- is still too low what happened to Austan Goolsbee come on back Austin -- but I have to activity that everybody.
They get everybody -- never conclude much from one was numbers.
The -- is that if we -- two to two and a half percent the job -- not gonna get better fast enough OK and I I think everybody get agreement that.
Okay do you think two and a half a -- growth of this calendar yeah Paul what effect.
Well I think it's a good target to shoot for -- You know to be honest -- -- I think one of the things in addition to the economic growth and -- Austin I completely agree about this.
-- -- the economic growth we can shoot for that but the ongoing thing underneath these numbers is that labor force participation rate of sixty 3.3 that's -- -- since 1979.
So it's good to get more people going back to work but we really need to teach at that growth number even higher.
Stuart and I feel very strongly about then -- -- that -- goes to.
Well OK look I'm I'm I'm not trying to be negative Austin but I am looking forward to -- -- And here we've got the impact of tax increases.
January the first tax the rich and Social Security taxes going up.
We've got to bomb look at coming out -- which might affect employment and we've got to sequester cults which really are gonna take effect is that why.
Looking towards the -- you don't have quite the smile on your face and I was expecting.
Yeah -- look it is why particularly this request Wright think's gonna cut about half a point off the growth rate it and as -- been saying for the last couple months.
That that means the forecast was two and a half percent and if you shave half a point off of that.
So your back down to something like two.
The unemployment rate is not gonna keep improving its -- actually perhaps even start deteriorating -- so I think it's a bit sobering as you look up.
Over that short term.
Future that we we are gonna take some.
Well we had 2101000.
People come back into the labor force Austin.
If a law mall come back in that would push the unemployment rates back up again wouldn't.
You have all that look that would be a positive development I mean the weakest part of the job market as we've said many times here.
Is exactly what Paul -- Saturday the labor force participation.
Went down and has not recovered and -- half of that is probably from the aging of the population.
But the other half is a lot of people got discouraged we gotta get those people back in and and get him to work.
I mean if we're growing only 2%.
Even if the labor force participation greatest thing the same and people are coming back yet.
It it might actually get a little worse so I I think vigilance is that we got to keep vigilant.
I don't know when this -- a negative but I think come right in saying that our economy in America is still two and a half million jobs short.
Of where it was in 2007.
Poll is that statistically accurate.
Yeah that is statistically accurate and I think you're your putting a a laser on a very important point here on obamacare and I'm not Toronto beat a dead horse with this thing.
But the important thing about this you have the October 1 deadline and we take a look at the things a senator baucus said.
And other items that are going on whether it is a failure of implementation.
There is hesitancy with the key driver of the economy and of -- small business.
And once you reach that fifty person threshold I think that's going to be an ongoing issue.
As we go forward in the summer at least as strong an issue -- sequester I would actually argue that obamacare will be more of an interference in job growth than sequester.
All right Paul Conway Austin goals are gentlemen thank you very much indeed -- I hope you'll come back.
This time next moments the but with an I just I just wanna get back to the old Austan -- that's -- I wanna say I just what I think -- -- these numbers that it would just -- at -- -- -- -- gentlemen thank you imagine -- prepared with a.
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