Ask Prof Wolff: Economic Analysis - Real and Fake

A Patron of Economic Update asks: "A "great" jobs report was released today; the stock market soared. I'm skeptical. I see that of those 531,000 "jobs added," a great many are in relatively low-wage sectors such as Leisure & Hospitality, Retail, etc. - how many will we learn in January were merely seasonal? Meanwhile, per the report, "the number of permanent job losers, at 2.1 million, changed little in October but is 828,000 higher than in February 2020." The Workforce participation rate is unchanged. Inflation's up and product is not on store shelves. So how "great" IS this job report and economic health generally?"

This is Professor Richard Wolff's video response.

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