Freeing up less productive resources by accomplishing more with less is the entire basis for rising living standards. It shouldn't come as a surprise that stronger periods of economic growth have generally begun during periods of high unemployment, not low unemployment.
More Quotes from Steven Wieting:
If demand stays strong and productivity growth slows considerably, this could be a year that could be seen as heading towards traditional overheating of the labor market, with big employment gains.Steven Wieting
Friday's number is not going to make much of a difference for the outlook for the economy.
Steven Wieting
Many of the understandable sources of recovery have been expended in the first half of 2002, leaving growth drivers into 2003 a mystery.
Steven Wieting
We continue to expect a long, successful business cycle expansion amid well-known challenges. However, visibility has been somewhat reduced, and the Fed is not fighting off increased market expectations of policy tightening.
Steven Wieting
This is not entirely comforting but you'd need a lot more information than one month's PPI at the turn of the year to worry about inflation,
Steven Wieting
Some of the conditions that have ripened the growth outlook at the start of 2006 are unlikely to last into spring. Abnormally warm weather boosted construction activity in December. ... Judging by a 46,000 gain in construction employment in January, the winter 2006 will go down as an unusually early and strong period for building activity.
Steven Wieting
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Based on Topics: Economics Quotes, Unemployment QuotesThe study of beauty is a duel in which the artist cries with terror before being defeated.
Charles Baudelaire
Every child should have the opportunity to receive a quality education.
Bill Frist
Shall I tell you what the real evil is? To cringe to the things that are called evils, to surrender to them our freedom, in defiance of which we ought to face any suffering.
Lucius Annaeus Seneca