Seth Harris, former Deputy Secretary of Labor, and professor at Cornell University's ILR School, comments on this morning’s Bureau of Labor Statistics Monthly Employment Situation report, which indicates sluggish job growth. Harris recommends that the Fed reverse its decision to taper the economic stimulus program.
“Today's jobs report exceeded expectations, but that's because our expectations are very low. The U.S. economy has added only 129,000 jobs on average over the last 3 months which is barely enough jobs for people entering the labor market.
“There is no good news in this report for the increasing number of long-term unemployed or the total of 20 million Americans who are out of work or underemployed. Rough winter weather is a part of the story, but slowing growth in the U.S. economy is a reality and a larger part of the story.
“The Federal Reserve should reverse its decision to taper its economic stimulus program, and the President and Congress must come together to forge a pro-growth, pro-jobs fiscal policy. Let's not be satisfied with avoiding failure.”