Monday, August 31, 2009

Cloud over U.S. payrolls: job hunters take summer off

"WASHINGTON (Reuters) - Better-than-expected July jobs numbers have numerous private economists heralding the end of the recession, but the Obama administration is taking a more guarded view because of a worrisome rise in long-term unemployment and a drop in labor force participation."

""We believe this drop in joblessness will prove to be temporary. With the summer in full swing, we assume a larger than usual number of unemployed Americans decided to take a break from job hunting," said Bernard Baumohl, president of the Economic Outlook in Princeton Junction, New Jersey. "It's been a horrible labor market, so who could blame them?"


No comments:

Post a Comment

RSS Feed