The Lower Unemployment Rate: Getting Jobs, Or Giving Up? (City Limits)

Nouriel Roubini takes to Twitter to debunk last week’s rosy employment report, and I look at what it all means for New York City’s job picture:

Between the stock market nosedive and the S&P downgrade (based on a $2 trillion math error), last week wasn’t a great one for the U.S. economic outlook. There was, however, one glimmer of hope: U.S. employers reported they added an above-expected 117,000 jobs in July, as the unemployment rate fell from 9.2 percent to 9.1 percent.

Unfortunately, there to throw cold water on that hope was NYU professor Nouriel Roubini — best known as the man who predicted the housing bubble… [read more]