Comment on U.S. Bureau of Labor Statistics Employment Situation Report Kathy Bostjancic, Director of Macroeconomic Analysis, The Conference Board - KiiiTV3.com South Texas, Corpus Christi, Coastal Bend
Comment on U.S. Bureau of Labor Statistics Employment Situation Report Kathy Bostjancic, Director of Macroeconomic Analysis, The Conference Board
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SOURCE The Conference Board
Disappointing Job Growth Continues into the Fall
NEW YORK, Oct. 22, 2013 /PRNewswire/ -- Slow overall economic growth put a damper on job growth in the summer and continues to do so in the early fall. A gain of only 148,000 new jobs in September followed the disappointing increases of the past several months. The clear implication is that after increasing at a 2.5 percent annual rate in the second quarter, overall economic and job growth slowed to less than 2 percent in the third quarter. Why? Consumer demand remains constrained by household caution, business investment remains largely on hold, and the Federal Government continued to operate under sequestration, ahead of the budget showdown in October. In addition, with inflation very low, business is trying to limit increases in labor costs. In short, the demand isn't there and the money to pay additional workers isn't there. Both job and income growth remain stuck in neutral. Confidence and the willingness to spend, especially on long delayed plans, simply wasn't there this summer and is not returning this autumn.
About The Conference Board The Conference Board is a global, independent business membershipand research association working in the public interest. Our mission is unique: To provide the world's leading organizationswith the practical knowledge they need to improve their performance and better serve society. The Conference Board is a non-advocacy, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.conference-board.org