December 2013′s jobs report isn’t great, but that’s kind of what we’ve come to expect, isn’t it? Not if you’re Moody’s Analytics Chief Economist Mark Zandi who is so sick of meager economic growth that he’s just going to reject our reality and substitute his own wherein the jobs report doesn’t inspire anger, tears, and trips to the liquor store.
Zandi joined MSNBC host Chuck Todd on Friday where the two talked about the latest numbers from the Bureau of Labor Statistics: only 74,000 jobs created, workforce participation falling fast, and unemployment dropping from 7.0 percent to 6.7 percent.
In light of this, Zandi says that “2014 going to be a very good year.”
“I just don’t believe them, Chuck,” Zandi said of the December numbers. “They were uniformly weak. The number was so low it’s just not consistent with all the other economic data that we’re getting.”
Zandi didn’t delve into the “other economic data” he mentioned, and didn’t bother to give an account for why the nonpartisan Bureau of Labor Statistics would just up and fabricate crappy numbers like that. Instead he offered this:
“It just doesn’t make any sense, so I’m just not paying any attention to it at all.”
He did note that reports are sometimes revised the following month, and chalked the low labor participation rate to a wave of retiring baby boomers.
But the most important thing from Zandi’s sit-down with Todd was his twice-repeated conviction that 2014 will be the year that economic recovery really really really happens for real this time.
“I feel strongly about the state of the economy,” he said. “We are on much sounder ground. We righted the wrongs from the Great Recession. The only missing ingredient is confidence.”
This is our year, Millennials. Break out the PBR.