updated: 10/5/2012 10:16:14 AM
A Ball State University economist says even though the national unemployment rate dropped to 7.8 percent in September, the actual number of unemployed people is growing. Center For Business and Economic Research Director Mike Hicks says the economy must add at least 150,000 jobs per month to break even.
October 5, 2012
Despite adding 114,000 new jobs last month, the U.S. economy continues to underperform, says Michael Hicks, director of Ball State’s Center for Business and Economic Research (CBER).
The Labor Department reported this morning that the nation added 114,000 jobs in September, dropping the unemployment rate to 7.8 percent in September. The department also reported about 86,000 more jobs had been added in July and August than first estimated.
“While a lower unemployment rate is nice, at this rate of creation, the actual number of unemployed will continue to grow,” Hicks says. “We need a minimum of 150,000 jobs per month to break even and almost 500,000 per month to get back to full employment.”
Source: Ball State University