{"content":[{"text":"THE ECONOMIC OUTLOOK GROUP","bbox":{"left":0.216307,"top":0.036501,"width":0.567371,"height":0.027852999999999996}},{"text":"475 Wall Street \n PRINCETON, NEW JERSEY 08540 Tel: 609 - 529 - 1300 \n www.economicoutlookgroup.com","bbox":{"left":0.237876,"top":0.168443,"width":0.502353,"height":0.05162699999999998}},{"text":"ECONOMIC TALKING POINTS \n Bernard Baumohl \n Chief Global Economist","bbox":{"left":0.147288,"top":0.255031,"width":0.38314000000000004,"height":0.05685699999999999}},{"text":"May 7, 2021","bbox":{"left":0.147288,"top":0.329958,"width":0.10237199999999999,"height":0.01677899999999999}},{"text":"April 2021: The Million Jobs That Never Was","bbox":{"left":0.280621,"top":0.364979,"width":0.43966099999999997,"height":0.019772999999999985}},{"text":"April’s employment report was a surprise, but not a shocker --- at least not to us.","bbox":{"left":0.147288,"top":0.69814,"width":0.676392,"height":0.01677899999999999}},{"text":"Projections that we would see upwards of a million new jobs in the latest payroll \n report just didn’t make sense at a time when so many manufacturing firms had to \n slow or cease production because the gummed up global supply chain. Instead of a \n million jobs added, employment rose by a much less 266,000 last month. In normal \n times, this would have been a perfectly respectable figure. But there is nothing \n normal about this business cycle.","bbox":{"left":0.147288,"top":0.733291,"width":0.6926270000000001,"height":0.10405199999999992}},{"text":"Why the weaker number?","bbox":{"left":0.147288,"top":0.855412,"width":0.21858800000000003,"height":0.01677899999999999}},{"text":"So many firms simply lacked the critical components to keep factories functioning at \n capacity. We’ve seen this disruption in the auto industry, with furniture makers and \n producers of electronic goods. Why rush to ramp up hiring when your assembly \n lines have been shut or severely cut back?","bbox":{"left":0.147288,"top":0.890564,"width":0.706294,"height":0.06920300000000001}}],"images_bbox":[{"left":0.418268,"top":0.064369,"width":0.163529,"height":0.103636},{"left":0.109641,"top":0.420732,"width":0.750196,"height":0.238788}],"images_bbox_not_text_overlap":[{"left":0.418268,"top":0.064369,"width":0.163529,"height":0.103636},{"left":0.109641,"top":0.420732,"width":0.750196,"height":0.238788}]}