The labor market is stuck in first gear. The private sector added only 64,000 jobs last month, far less than half as many as necessary just to keep pace with population growth.
That’s a significant improvement over going in reverse. But it’s insufficient to bring down the near-record-high unemployment rate of 9.6 percent. With employers unwilling to hire, millions of U.S. workers and their families are looking at a long, cold winter.
Employers continue to rank sales as their most pressing problem, which points the way forward for Congress and the administration: Focus on policies that directly boost demand to get employers hiring again and pull our economy out of first gear.
To speak to Boushey about the monthly jobs report, contact Megan Smith at 202-741-6346 or [email protected].
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