CNBC: Jobs Growth Misses High Hopes; Unemployment Rate Drops to 7.3%
Pinstripe founder and CEO, Sue Marks, was recently quoted in an editorial published by CNBC.com, commenting on the Employment Situation Summary—which was released by the Bureau of Labor Statistics on September 6, 2013. The article, Jobs Growth Misses High Hopes; Unemployment Rate Drops to 7.3%, features Sue and other economic experts providing insight into the unemployment rate and its impact on the U.S. economy.
Excerpt from the article:
Job growth was less than expected in August as the U.S. economy added 169,000 positions, raising questions over whether the Federal Reserve will begin a pullback on its historically easy monetary policy.
The Bureau of Labor Statistics also said the unemployment rate dropped to 7.3%, its lowest since December 2008, but due primarily to fewer Americans in the labor force.
A more encompassing rate that counts the underemployed and those who have quit working also fell, dropping to 13.7%.
"Overall the report contains both positive and negative factors, and while insufficient to change our expectations over an imminent reduction in the pace of bond purchases it should do wonders for settling some of the indigestion suffered by worrywarts in the bond market," said Andrew Wilkinson, chief economic strategist at Miller Tabak. "The word 'Goldilocks' springs to mind somewhere, but we're not quite sure where to place it."
"We've got a generational shift going on here. It's going to be persistent," said Sue Marks, founder and CEO at Pinstripe, a global employment recruiting firm. "It's a systemic problem and a systemic situation that's going to require some new thinking."