Hicks: Jobs Report Again 'Disappointing'Posted: Updated:
Ball State University economist Michael Hicks says today's national job report shows the U.S. is headed for "another year of weak economic performance." The U.S. Department of Labor says the economy created 142,000 jobs in August, bringing the unemployment rate to 6.1 percent, compared to 6.2 percent in July.
September 5, 2014
Muncie, Ind. -- Ball State University economist Michael Hicks says today's national job report is disappointing as 142,000 jobs were created in August, far short of the 226,000 anticipated.
The U.S Department of Labor announced this morning that the nation’s six-month string of employers creating 200,000 or more non-farm payroll jobs has been broken. The unemployment rate fell to 6.1 percent from 6.2 percent.
The department also reported that there was no job growth in manufacturing and retail payrolls declined for the first time since February
"The composition of jobs was primarily full time, which is welcome news, but manufacturing job losses combined with no growth in retail and limited number of service positions suggest that the quality of jobs in terms of wages and benefits is disappointing," says Hicks, who directs Ball State's Center for Business and Economic Research (CBER). "As we pass the halfway point of 2014, it looks increasingly like U.S. economic growth will end the year around 2 percent, which will signal yet another year of weak economic performance.
"The report is also disappointing because figures for June and July were also revised down by about 28,000 jobs."
Source: Ball State University