Will Jobs Numbers Impact Fed's Bond Buying?

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Aug. 2 (Bloomberg) -- Center for Economic Policy Research Co-Director Dean Baker discusses the jobs report and Fed policy with Mark Crumpton on Bloomberg Television's "Bottom Line." (Source: Bloomberg)

We are back with dean baker, he with economic policy.

Thank you for staying with us.

Today's numbers, are they going to force the fed delaying the bond purchases or will the fed seek growth as enough of an indicator that the economy can survive?

I would really be surprised if they began to see it the next month.

Most of the data has been consistent saying we are seeing growth the but it is weak.

There is no threat of inflation.

I would be surprised if they were to move next month and slow the rate of purchases.

Would have to see something, some evidence of stronger growth than what we have seen.

Or any of the major reports which seem.

But how many weight to the july reports?

They are taking it very cc.

-- very seriously.

The more important numbers are the total index of hours worked is actually lower in july than it was in june.

It is back to the main level.

The state of labor demand is not growing rapidly.

They are looking at that.

It cannot be were the they have to start tapering soon based on that.

You just talked about gdp.

Vice president joe biden's economic advisor wrote a piece.

You write the change "raises important questions about what we consider economic value and cost and what we leave out." what are the benefits and the problems?

The main edition are they are counted in intellectual property , research and development that say a pharmaceutical company does.

They are counting artistic such as "seinfeld." they are counting that as investment now.

It was treated as an expense like paper clips.

That is probably the right thing to do.

We said that is a good thing, it is reasonable.

There are problems with how you do it.

We are pointing out, there are things you are not counting.

We picked fracking.

Let's say it pollutes groundwater.

We do not count that.

When we look at greenhouse gas emissions, we are not counting that.

Our negatives.

-- there are negatives.

We are not taking subtractions.

If we want full accounting, would have to do that.

What you wrote a piece about whom might be the next check from in.

You have janet, larry summers, and donald kohn.

Who do you think might come out on top?

I would be surprised if it was not a janet yellen.

She has a tremendous track record.

She is one of the top advisers.

She is president of the san francisco fed.

It is hard to see why president

This text has been automatically generated. It may not be 100% accurate.

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