White House Council of Economic Advisers chairman Alan Krueger responded to the August jobs report (in which there is little in the way of good news for President Obama) released Friday morning by saying the data show the economy is continuing to recover. But he also cautioned once again against reading too much into any one jobs report:
“While there is more work that remains to be done, today’s employment report provides further evidence that the U.S. economy is continuing to recover from the worst downturn since the Great Depression. It is critical that we continue the policies that are building an economy that works for the middle class as we dig our way out of the deep hole that was caused by the severe recession that began in December 2007.
As the Administration stresses every month, the monthly employment and unemployment figures can be volatile, and employment estimates can be subject to substantial revision. Therefore, it is important not to read too much into any one monthly report and it is informative to consider each report in the context of other data that are becoming available.”