In my favorite musical, The Music Man, there is climactic scene in which the mayor calls for Professor Harold Hill to be tarred and feathered. "Where's the band?" the mayor shouts rhetorically. "Where's the Band?" Whereupon the boys in the town march into the room with their shiny uniforms and instruments.
For months, critics of the economic recovery have been shouting "Where's the jobs?" In today's report on the labor market in March, employment as measured by the establishment survey rose by over 300,000, the largest increase in four years.
Before you start humming "76 Trombones," I should note that the workweek fell last month, which means the the index of aggregate hours declined slightly. That in turn means that my labor capacity utilization index continues to slump.
For Discussion. Would a few more months of job gains of this magnitude blunt the outsourcing controversy?