White House on Jobs Numbers: We’ve Been Vindicated in Our Theory About the Weather

TODD Your analysis here ░░░░░░░░ what happened today and ░░░░░░░░ fact that it appears ░░░░░░░░ you are vindicated in ░░░░░░░░ you said the first ░░░░░░░░ GDP was all about ░░░░░░░░ this contraction was a ░░░░░░░░ episode in the recent ░░░░░░░░ of the American economy ░░░░░░░░ weather was so catastrophic ░░░░░░░░ it actually shrank the ░░░░░░░░ but it didn t ░░░░░░░░ down the economic recovery ░░░░░░░░ s an amazing thing ░░░░░░░░ happened but it appears ░░░░░░░░ be the case FURMAN ░░░░░░░░ does appear to be ░░░░░░░░ case you know I ░░░░░░░░ say we don t ░░░░░░░░ to make too much ░░░░░░░░ any one month s ░░░░░░░░ We now have five ░░░░░░░░ in a row above ░░░░░░░░ 000 That s the ░░░░░░░░ time we ve seen ░░░░░░░░ since the late 1990s ░░░░░░░░ look at the first ░░░░░░░░ of this year as ░░░░░░░░ whole it s the ░░░░░░░░ first half of a ░░░░░░░░ also since the late ░░░░░░░░ so there is no ░░░░░░░░ that the economy is ░░░░░░░░ and that this is ░░░░░░░░ news TODD Obviously there ░░░░░░░░ always concern it feels ░░░░░░░░ if one part of ░░░░░░░░ economy is recovering faster ░░░░░░░░ look at Dow 17 ░░░░░░░░ we look at sort ░░░░░░░░ where wage growth is ░░░░░░░░ uneven part of this ░░░░░░░░ that it feels as ░░░░░░░░ maybe it s more ░░░░░░░░ the coasts more with ░░░░░░░░ educated that middle America ░░░░░░░░ geographically and within the ░░░░░░░░ ladder aren t recovering ░░░░░░░░ fast FURMAN Yeah I ░░░░░░░░ at this report and ░░░░░░░░ see two real challenges ░░░░░░░░ us in terms of ░░░░░░░░ policy One is caused ░░░░░░░░ the recession and that ░░░░░░░░ the unusually high number ░░░░░░░░ long term unemployed people ░░░░░░░░ rate is 2 It ░░░░░░░░ twice what it was ░░░░░░░░ into it We really ░░░░░░░░ to be doing more ░░░░░░░░ that Then I see ░░░░░░░░ that s gone on ░░░░░░░░ decades precedes the recession ░░░░░░░░ certainly hasn t been ░░░░░░░░ yet and that s ░░░░░░░░ challenge of stagnate wages ░░░░░░░░ what it means for ░░░░░░░░ families that you were ░░░░░░░░ talking about and that ░░░░░░░░ everything the president s ░░░░░░░░ to do from infrastructure ░░░░░░░░ reforming our tax system ░░░░░░░░ raising the minimum wage ░░░░░░░░ I want to ask ░░░░░░░░ one other question about ░░░░░░░░ new normal that I ░░░░░░░░ like that one thing ░░░░░░░░ hasn t been fully ░░░░░░░░ into why this economic ░░░░░░░░ has been slower to ░░░░░░░░ traction than other previous ░░░░░░░░ and that is the ░░░░░░░░ part that the American ░░░░░░░░ is saving more doesn ░░░░░░░░ spend as much this ░░░░░░░░ t a consumer driven ░░░░░░░░ Are you still seeing ░░░░░░░░ or are we now ░░░░░░░░ signs that maybe the ░░░░░░░░ is coming back FURMAN ░░░░░░░░ For the first couple ░░░░░░░░ years households went into ░░░░░░░░ recession very indebted and ░░░░░░░░ needed to deleverage and ░░░░░░░░ means borrowing less spending ░░░░░░░░ and saving more That ░░░░░░░░ one of the big ░░░░░░░░ of getting yourself out ░░░░░░░░ a financial crisis is ░░░░░░░░ process We have seen ░░░░░░░░ work its way through ░░░░░░░░ a lot of households ░░░░░░░░ for households at the ░░░░░░░░ than households in the ░░░░░░░░ or the bottom but ░░░░░░░░ have seen it work ░░░░░░░░ way through so consumer ░░░░░░░░ has been strengthening and ░░░░░░░░ would expect it would ░░░░░░░░ to stay robust TODD ░░░░░░░░ it sounds like you ░░░░░░░░ this could be an ░░░░░░░░ we might be an ░░░░░░░░ point in job growth ░░░░░░░░ We re at a ░░░░░░░░ point over this last ░░░░░░░░ months and I feel ░░░░░░░░ about where fiscal policy ░░░░░░░░ I feel better about ░░░░░░░░ we are in the ░░░░░░░░ process as well TODD ░░░░░░░░ right Jason Furman Chairman ░░░░░░░░ the Council of Economic ░░░░░░░░ for President Obama.”