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  • Prophet of Boom

    Posted by Andy B on June 8th, 2004 (All posts by )

    Good editorial in the Wall Street Journal today regarding Greg Mankiw, the White House economist who was pilloried for claiming 2.6 million new jobs would be created this year. The statistical highlights here:

    Friday’s May job report shows that the U.S. economy has created 947,000 new jobs in the last three months…a faster rate than Senator Kerry’s campaign promise to create 10 million jobs in his first term…..the Institute for Supply Management’s manufacturing index, a leading indicator, is near the two-decade high hit in January

    The article proceeds to touch on outsourcing, where a subtle but important point is made:

    because “our schools have to do a better job of preparing Americans for higher-paid jobs that require more skills……..The politicians and union officials who tolerate dropout rates of 50% in big city public schools are the real outsourcing villians”

     

    4 Responses to “Prophet of Boom”

    1. Scott Says:

      Nice post. …and thanks for the hyperlink to the article. –s

    2. Richard Says:

      let’s see 4 x 947,000 compared with 10,000,000.

      Either you misquote the WSJ, or someone is in for a lot of grief for their bad math.

    3. Andy B Says:

      Sorry, new brain you know. Should read “947,000 jobs in the last three months, 1.2 million since the beginning of the year.” I did not cut and paste the lines, but typed from the hard copy, skipping over and mashing together. I’ve since corrected the post, good catch Richard.

    4. aaron Says:

      947,000 in one quater times four quarters per year times four years per term. 15.15 million.