America gained almost a quarter of a million jobs last month bringing the unemployment rate down for the fifth consecutive month. to 8.3%. According to TPM, “Analyst expectations ranged from high 100,000s to low 200,000s, so the numbers exceed expectations.”
“Hourly earnings are increasing and it shows the economy is “definitively gaining traction,” according to Mark Zandi, chief economy at Moody’s.
Meanwhile, the Congressional Budget Office’s budget outlook says what it always says “Deficits are huge, but projected to shrink dramatically in the next few years. Congress could sit back, do nothing, and deficits would fall from 7 percent of GDP to 1.5 percent of GDP” as the Bush era tax cuts expire.
Deficit forecasts after the jump.