May 9, 2010

Krugman - Ever Entertaining

If you don't see the humor in the twisting and turning of Paul Krugman on the economy to try to make reality fit his Keynesian vision you'll just want to rip your hair out.
From his NYT blog,

An actually good employment report. A reminder: there are two separate surveys, one of employers — which is where the 290,000 jobs number comes from — and one of households, which is where the 9.9 percent unemployment rate comes from. Sampling error, seasonal adjustments, and other technical factors can make these reports give contradictory indications.

Actually, though, in this case they’re both positive. My favorite indicator from the household survey isn’t the unemployment rate, it’s the employment-population ratio — and that’s up, from 58.6 to 58.8. In fact, it has been rising since December. At this point it’s clear that the economy is adding jobs, and doing so faster than population growth.
This from the guy who steadfastly argues that he never contradicted himself on unemployment.

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