Patrick J. O’Keefe Discusses July Employment Report in the Media
Patrick O'Keefe, director of economic research at J.H. Cohn, is speaking to several media outlets about the report, including CNBC Asia, Wall Street Journal Radio, the Los Angeles Times, and USA Today.
In advance of Friday's release of the jobs report, Pat appeared on CNBC Asia's Squawk Box. When asked about whether the Federal Reserve may need to act to prop up the economy:
"Even if they have a trick up their sleeve which is going to do something other than increase the excess reserves which is already at record levels and drive down interest rates that are already at record lows, it's very hard to see what's in the monetary toolbox that can do anything in the short turn to turn around the rate of growth," said Pat.
In USA Today, Pat said, "It's modestly positive, but unless it goes over 200,000 per month it's consistent with the plodding growth track we've been on for three years. We're unlikely to get either a breakout or a breakdown from here.''
Also in advance of the report, Pat spoke with The Wall Street Journal This Morning. On the status of the labor numbers, Pat commented, "What I think we are seeing in these data every month is neither a break out toward the top nor a break down toward the bottom but rather a continuing pattern of just very slow growth."
Last week, Pat was the guest host on CNBC Worldwide Exchange.
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