On Friday’s broadcast of CNBC’s “Squawk Box,” Economics Professor at the University of Chicago Booth School of Business Austan Goolsbee, who served as Chairman of the Council of Economic Advisers under President Barack Obama, praised the number of jobs added in July, but pointed out that if GDP is declining at the same time a large number of jobs are being added, “it has to mean that productivity’s going down,” and we will likely “see a continuation of this kind of negative real wage growth.”
Goolsbee said, “I mean, this is a jaw-dropping number. There has never been a time when we got the unemployment rate down this low, where we’re adding 500,000 jobs. I mean, I thought that, given all of the rate increases, that we would probably have a disappointment or a miss. You’re never going to hear me criticize a jobs number where we got a half-a-million jobs. I…
