The Friday jobs report just came in and it recorded a major downward miss. The U.S. economy lost 92,000 jobs in February and unemployment ticked up. It’s always important to remember that these reports are fairly noisy on a monthly basis and, especially recently, they’ve been subject to major revisions. Having said that, a lot of politics and economics commentary for the last month or two has been based on other single-month reports which are ripe for narratives but don’t necessarily tell us a lot. The political calculus is perhaps clearer than the economics one. The White House needs a good macro-economic trend to come into focus pretty quickly. Because from an electoral standpoint you need several months of favorable or at least “moving in the right” direction numbers in order for those shifts to show up in public attitudes.
