PHILADELPHIA (CBS) – There was a bit of hopeful news on the unemployment front today, as the nation’s jobless rate dipped to 9.1 percent for the most recent month.
Employers added 117,000 jobs last month (see related story) — more than expected, but not good enough according to Gary Witt (below right), assistant professor of finance and statistics at Temple University.
“Recessions from the past would be ended by strong recoveries with employment numbers of two, three, four hundred thousand job gains per month,” he notes, “and here we’re seeing about one hundred thousand.”
He says there are no quick fixes to the high unemployment numbers in this country, and adds that changes in the tax code would help down the road.
“We have to look at some longer-term structural changes to encourage job growth, but it’s not going to be quick — and it won’t be easy, politically,” Prof. Witt says.
The latest statewide unemployment figures for Pennsylvania and New Jersey will be released August 18th.
Reported by Lynne Adkins, KYW Newsradio 1060