Your Bottom Line: Jobs Outlook Remains Clouded
While the unemployment rate has finally dipped barely below 8%, future job growth is still on shaky ground according to NFIB’s chief economist Bill Dunkelberg. "The unemployment rate was above 8% for 40 straight months – we’ve never seen anything like it in modern times,” Dunkelberg said. Part of the reason the rate slipped to 7.9% is because of the huge numbers of discouraged workers who’ve simply given up looking for jobs. Add those back in, and the unemployment rate would be closer to 10%. Dunkelberg said hiring won’t pick up until small business and consumer confidence rise significantly – and that uncertainty over what happens next in Washington is keeping those expectations low. 2:31
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