After the Labor Department announced on Friday that only 80,000 jobs were added in June, the Obama administration was quick to assure voters that this is somehow a “step in the right direction” and that we shouldn’t read too much into the data.
“[I]t is important not to read too much into any one monthly report and it is informative to consider each report in the context of other data that are becoming available [emphasis added],” Chairman of the Council of Economic Advisers Alan Krueger writes on the White House’s official website.
Really? We shouldn’t read too much into the Labor Department’s figures? Okay, let’s play along for a moment and agree that, yes, one monthly report does not provide enough historical data to let us conclude that the job market is doing poorly. We would need several reports spanning several months to do that.
Actually, you know what? We do have several reports and we do have months of figures. And you know what else? Krueger advising on Friday that we shouldn’t “read too much into” the Labor Department’s June report isn’t even the first time this has happened.
The White House has been telling people that they shouldn’t “read too much into” unemployment figures since November 2009! In fact, the White House has said those exact same words 30 times over the last three years.