Friday, December 7, 2007

LFS Release

I'm torn.

On one hand, I think the Bank is too soft on inflation. On the other hand, with data like this, I could learn to like these rate cuts.

I mean, the numbers look good. Unemployment did tick up to 5.9%, if only on more people entering the labour force. But what's scared me for some time about the string of apparently good jobs data that we're seeing is that the growth is all public sector. For the past year, 88% of job growth has been public sector. That's not what I consider a vibrant economy.

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