November 3rd, 2011 
admin 
Last month, private employers added more jobs than expected, though the lack of robust labor market growth reinforced the Federal Reserve’s view that economic progress will likely be “frustratingly slow.”
The ADP National Employment Report topped expectations of economists for a gain of 101,000 jobs.
From news.yahoo.com:
“You’re more or less treading water here, just enough to keep the unemployment rate steady,” Scott Brown, chief economist at Raymond James in St. Petersburg, Florida, said of recent jobs data.
“We would really like to see stronger growth to get the unemployment rate down substantially, but the Fed is not expecting that to happen any time soon.”
In its updated quarterly projections, the Fed said it expects the economy will expand by a tepid 2.5 percent to 2.9 percent next year, down from the 3.3 percent to 3.7 percent it had expected in June.
“It portrays a job market that’s improved a bit since earlier in the summer. But we’re still not generating the kind of job growth that’s going to be enough to bring down the unemployment rate quickly,” said David Resler, chief economist at Nomura Securities in New York.
Posted in 
Tags: 
