Payrolls Up, But Less Than Expected

I expect jubilation in the media and White House today as they hail the fact that the economy added 162,000 jobs. And it has only cost us over $1 trillion to do so thus far. It's better than Obama's last 13 months, but unfortunately, expectations were for 200,000 jobs. The number was also aided by 48,000 temporary census workers.

Don't worry - we still won't hear anything about a "jobless recovery" like we did for 3 years between 2002 and 2004, even as unemployment was under 6%.