Another mixed jobs report for Obama. The unemployment rate dropped to 9.5 percent even though the economy lost 125,000 jobs last month, mainly because 225,000 Census jobs were eliminated. But if it's any comfort to the White House, Moody's is predicting a bullish jobs market for 2011.
The map below, produced by USA Today and based on stats from Moody's, measures the labor market in the first quarter of 2010 vs. the forecast for the first quarter of 2011. As you can see, it shows every state gaining jobs and Texas booming. But perhaps more interestingly, government jobs are expected to be decimated.
Nevada will see a -4.0 percent slice in government jobs, Oklahoma a -2.8 percent drop, and New Jersey a -2.8 percent decline (Chris Christie is definitely causing a stir on this front). Declining jobs is usually a bad thing, but isn't decreased government spending what people want?
The Time cover story last week on the dire situation of the states caused some alarm about irresponsible and unrealistic budgets, but the New York Times warning about governments repeating the mistake of the 1930s in cutting spending too early also caused some concern in economic circles.
Ultimately, voters won't care about forecasts or stats, but just their own well-being.
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