(The) 43,000 new jobs is much too small a number to lower the unemployment number. The unemployment report underscores that the recovery is off to a slow start. The Fed will most certainly not raise (interest) rates in the near-term.
More Quotes from Jared Bernstein:
They also focus on two areas - healthcare and energy - where inflation is eating away at spending power. You either need wages to pick up or inflation to slow down, ... There may be a bit of both in coming months.Jared Bernstein
It's too soon to call this a 'jobless' recovery, ... but another quarter or two of these types of reports, and that probably will be a relevant title.
Jared Bernstein
Of course there are jobs that few Americans will take because the wages and working conditions have been so degraded by employers. But there is nothing about landscaping, food processing, meat cutting or construction that would preclude someone from doing these jobs on the basis of their nativity. Nothing would keep anyone, immigrant or native born, from doing them if they paid better, if they had health care.
Jared Bernstein
This report shows a race between factors boosting net worth such as home ownership and factors pushing the other way such as weak wage growth. Unless we start to see better income growth from jobs and wages, it is hard to see major gains in net worth for the typical family.
Jared Bernstein
I wouldn't be surprised if unemployment held constant or dropped a tenth of a percentage point. But will that signal we're heading back to a healthy labor market No, because the economic fundamentals, in terms of growth, just aren't there.
Jared Bernstein
While we continue to generate middle-class jobs, I would say we're doing so at a slower pace than we have in the past.
Jared Bernstein
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