Investing and Global Finance News

163,000 Jobs Added, But U.S. Economy Still Shaky

163,000 jobs were added in the United States this past month, a hopeful figure despite the creeping unemployment rates across the country. The largest climb since February, the development fuels the political debate about the nation’s economy.

Mark Zandi of Moody’s Analytics said “I was relieved. After three months of very weak job growth, I was nervous that the economy had significantly downshifted. But Friday’s numbers suggest that it hasn’t.

“If you look through the ups and downs in the monthly data, we created about 150,000 jobs per month. That’s what we have been doing for nearly two years. That’s ok, that’s enough to keep the recovery moving forward, but not good enough to bring down unemployment in a meaningful way.”

Similarly, Joel Naroff of Naroff Economic Advisors, stated that the new figure is “neither fish nor fowl.”

He explained: “Firms are hiring more workers, but it’s the unemployment rate that most people look at, and the increase cannot help confidence.”

Job numbers, he added, would have been “even better” if the cutbacks in education were stopped.

“Outside the public education sector, though, the job situation brightened quite a bit. Just about every sector posted increases,” Naroff said.



Sorry, comments are closed for this post.