The unenpolyment rate went up from 4.6% to 4.7% last month. This however is a good thing. The economy created a net of 110,000 jobs last month and say that this is a good sign of slow, but steady economic growth. Fed Vice President Donald Kohn said "Once we get through the near-term weakness caused by the extra down leg from the housing contraction and any spillover from tighter credit conditions, I am looking for moderate growth with high levels of employment. We will need to be nimble in adjusting policy to promote growth and price stability."
This is coming at a time when the unemployment rate is historically low. I am happy to see more jobs are being created but if the unemployment rate is going up I do not see how growth is happening. There needs to be a change and this should become a much more important issue in the campaigns of the presidential candidates.
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1 comment:
umm
this actually makes sense if the housing contraction is what is bringing the unemployment level. donald Kohn sounds like he knows what hes talking about and has the right idea that once the country gets through this rough patch it will be better in the long run toward moderate growth with high a high employment level. i hope that made sense.
<3
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