Mohamed El-Erian: Jobs Data shows America Stuck in Low Gear

January 7th, 2011
in News, Background

Financial TimesThe US economy created 103,000 non-farm jobs in December – respectable but below consensus expectations. The unemployment rate fell only to 9.4 per cent as 260,000 Americans exited the labour force.

Follow up:

Most disturbingly, the number of “long-term” unemployed remains disturbingly high at 6.4 million. This is a relatively decent employment report. Yet it will also be deemed as somewhat disappointing, and rightly so.

There are good and valid reasons why analysts were looking for a stronger jobs growth. A string of favourable data releases preceded today’s numbers. Measures of business and consumer sentiment have improved. Growth in emerging economies remains strong. And, unlike Europe, America continues to run expansionary fiscal and monetary policies.  Read more at the Financial Times......

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