The government’s monthly jobs report has become Washington’s most anticipated and studied economic indicator, pounced upon by politicians, economists and journalists for snap judgments as the presidential election nears. But in the real world, most everybody else just looks around and figures things out for themselves.
Is that steel plant closing? Are Ford or General Motors rehiring? How much are those groceries? What’s a full tank of gas going to run me? How much is our house worth? How’s that 401(k) doing? When will I find another job? Will our college-educated daughter ever find work and move out.
These are the kinds of questions economists and pollsters say are on people’s minds more than government statistics.
“People are not looking at these government reports to decide how the economy is doing, or how well they or their neighbors are doing. They know from their own daily experience,” Democratic pollster Mark Mellman said.
“The flow of economic news matters,” but only to supplement what their own eyes tell them, Mellman added.Continue reading →