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On Friday’s broadcast of Bloomberg’s “Balance of Power,” White House Council of Economic Advisers Chairman Jared Bernstein responded to the August jobs report by stating that “the market has an overreaction function. Today’s a pretty simple story, if you keep it down to its fundamentals, employment up, wages up, unemployment down, inflation down. Put that all together and it’s a recipe for continued growth, continued real gains, and I think an expansion that will persist.
Bernstein said, “Right now, if you look at the underlying pace of job growth, it’s about where some folks put the breakeven level, meaning the number of payroll job gains that are sustainable and will keep the unemployment rate where it is or moving down.
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