The Economy in Perspective
"Predictions of the future are never anything but projections of present automatic processes and procedures, that is, of occurrences that are likely to come to pass if men do not act and if nothing unexpected happens; every action, for better or worse, and every accident necessarily destroys the whole pattern in whose frame the prediction moves and where it finds its evidence."
—Hannah Arendt, “On Violence,” in Crises of the Republic (1972)
U.S. employment grew by only 32,000 jobs last month, dramatically fewer than the 240,000 jobs the pros had predicted. Moreover, the Bureau of Labor Statistics simultaneously revised down its prior estimates of net job gains for the months of May and June by roughly 60,000, more than negating July’s paltry gain.
Suggested citation: "The Economy in Perspective," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-08, pp. 01, 08.01.2004.