What If Krugman Is Right?

Daniel Indiviglio:

We'll probably have to wait until we get rid of all the Census andseasonality noise to fully understand the way the labor market isevolving. But the narrative essentially sounds something like: jobgrowth wasn't quite as strong as we thought it was during the spring,and probably won't be as resilient as we hoped it would be during thesummer. With private sector jobs continuing to grow, though at a crawl,at least we're on the right path. It's just going to be a slow...