Look for Sustained Jobs Growth, ECRI’s Achuthan Says
May 4th, 2010 at 2:48 pm Posted by
Source: Yahoo! Finance, Heesun Wee, May 4, 2010 1:00pm EST
While U.S. unemployment remains at 9.7%, Lakshman Achuthan, managing director at the Economic Cycle Research Institute (ECRI), says the transition from government stimulus to consumer spending is taking place. The next phase of that recovery includes jobs growth, Achuthan tells Henry in the accompanying segment.
“We’re going to get sustained jobs growth. It will probably surprise to the upside for the next quarter or two,” he says, noting ECRI’s employment indicator is at a “multi-decade high.”
But there won’t be a clear trajectory to the recovery. America lost more than eight million jobs during the recession, a very high watermark for any economy. And as the overall economy slows down — a regular part of the recession recovery cycle as Achuthan explains here — America’s “new normal” may mean fewer new jobs vs. a decade ago.
