Krugman Calls Labor Market Soft, Disturbed by Warsh's View

• US job growth has downshifted, partly due to reduced immigration, with monthly data being 'noisy' and not indicative of significant month-to-month changes.
• Krugman is 'disturbed' by Kevin Warsh's view on monetary policy, arguing against over-reliance on real-time data due to its inherent noisiness and the risk of overreacting.
• The impact of Artificial Intelligence (AI) on the labor market is still unknown, but it may further reduce labor's share of national income.
• The Supreme Court's 'Slaughter decision' is deemed 'extremely destructive' as it grants the President unilateral power over agency heads, creating significant policy uncertainty for businesses.

Paul Krugman views the latest US monthly jobs report as 'noisy' and highlights a downshift in job growth due to slowing labor force growth from reduced immigration. He expresses concern over calls for more responsive Fed policy based on real-time data and finds recent Supreme Court rulings on government agencies 'extremely destructive' for business certainty. Despite these concerns, he maintains hope for America's future.