Jobs are coming back, Krugman should consider another line of work

One of my long-standing criticisms of Paul Krugman is that, as an economist, his columns are curiously bereft of actual numbers and statistics (as compared to, say, Robert Samuelson of the WashPost). So in late October, I made a point of noting this benchmark established by Krugman: “And unless we start to see serious job growth — by which I mean increases in payroll employment of more than 200,000 a month — consumer spending will eventually slide, and bring growth down with it.”

Here’s a report from Bloomberg today: “US jobless claims fall to nearly 3-year low”

Dec. 31 (Bloomberg) -- The number of Americans filing first- time applications for state unemployment benefits fell to 339,000 last week, the lowest in almost three years, suggesting job prospects are improving.

The economy is projected to grow at a 4 percent annual pace this quarter following an 8.2 percent rate from July through September that was the strongest in almost 20 years, according to the median estimate of economists surveyed earlier this month by Bloomberg News. It's forecast to grow 4.4 percent in 2004, the most since it expanded 4.5 percent in 1999, according to the survey.

The expanding economy will probably add an average of 200,000 jobs a month in 2004, according to a forecast by UBS' O'Sullivan.

With the economy improving, soon Krugman will be reduced to complaining about the redesigned $20 bill.

Bonus: Tim Blair calls Krugman "terrifying."