The U.S. of A. created 500,000 new jobs in Q4 of 2006, according to Barron's (09.10). Not bad at all. One imagines a raft of firms starting or expanding to give us those jobs. Well, sorta—but mostly "no."
To get to a net of 500,000 we actually created 7,700,000 new jobs—and lost 7,200,000. Now that's a whole different kettle of fish! America's longterm economic strength is hidden here, or not so hidden—we are an insanely dynamic economy, growing and shrinking with near reckless abandon, but the net is a job creation record that is peerless in, and the envy of, the developed world.
More later.