STATEMENT: CAP’s Boushey: Bernanke right, Recovery Not Truly Established until Unemployment Rate Returns
Washington, DC – Today, Heather Boushey, Senior Economist at the Center for American Progress, had the following reaction to the announcement of January’s unemployment figures:
While this month’s data should be interpreted with caution both because of unusually harsh weather, which likely affected survey collection, and annual survey adjustments, the Bureau of Labor Statistics reported that the economy added only 36,000 jobs in January and that the unemployment rate fell 0.4 percentage points to 9.0 percent. Federal Reserve Chairman Ben Bernanke was right yesterday when he said the recovery is not truly established until the unemployment rate returns to a normal level. Bringing unemployment down will require both increased investment, which is currently lower than in past recoveries, and a strong middle class that has the jobs and incomes to maintain consumption. Policymakers should continue to encourage investment in infrastructure and in the skills of our nation’s workforce.
To speak to Boushey about the monthly jobs report, contact Megan Smith at 202-741-6346 or firstname.lastname@example.org.