Hicks Sees Positives in National Jobs Picture
Ball State University Economist Mike Hicks believes Friday's national jobs report is a sign that the economy is moving in the right direction. But he points out it could still take years to fully recover from the recession. The U.S. Labor Department says the national unemployment rate is 7 percent, which is a five-year low. December 6, 2013
News ReleaseBall State economist Michael Hicks says today's jobs report showing nonfarm payrolls increasing by 203,000 new jobs last month is a step in the right direction, but it could take years for the economy to fully recover.
The U.S. Labor Department reported this morning that employers hired more workers than expected in November and the jobless rate fell to a five-year low of 7 percent. Most economists had anticipated payrolls increased by only 180,000 jobs last month with the unemployment rate falling from 7.3 to 7.2 percent.
“This is better job news than the economy has had for several months, but it reflects the deep stagnation of labor markets,” says Hicks, director of Ball State's Center for Business and Economic Research (CBER). “At this job creation rate, we will be back to the pre recession level of employment in late 2015 and we should be back to full employment sometime in the next decade.” Source: Ball State University