- If firms were really gearing up to start hiring workers once again, why would they now be cutting back as strongly as ever on the hours that they ask their existing employees to work? My bottom line: the labor market does not quite yet suggest that the economy has hit bottom.
The above comments were taken from the following editorial, The labor market has NOT yet signaled a turning point.
Many thanks to the following Paul Krugman blog posting Dismal Hours
ps. the side-notes is rather interesting too. :D
- Update: Brad Setser also brings us some disappointing news from Korea, which “reports its trade data faster than anyone”, making it a sort of leading indicator.
Do check out that posting too. :D
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