Country / Language

Patrick J. O’Keefe Discusses May 2012 Employment Report


 On Friday, June 1, the U.S. Department of Labor released data on national employment conditions during May 2012. The economy added 69,000 jobs and the unemployment rate went from 8.1 percent to 8.2 percent.

Patrick O'Keefe, director of economic research at J.H.Cohn, is speaking to several media outlets about the report, including CNBC's Worldwide Exchange, where he appeared as guest host Friday morning. On CNBC, Pat said, "We have gradually seen an erosion of the American workplace in terms its ability to generate jobs and sustain income." However, he also points outs, "One of the stars in terms of the employment recovery, which began back in March of 2010, has been the U.S. manufacturing sector. It's added over 500,000 jobs." Watch a clip from the appearance.

The New York Times article, "U.S. Added 69,000 Jobs in May; Jobless Rate at 8.2%," points out that "with the latest slowdown, the economy is following a pattern it has established over the past couple of years, of strong winter growth and then a spring or summer slump." Pat explains, "This is definitely a movie we've seen before."

In USA Today, Pat explains, "The jobs recovery has taken a step backward." 

In U.S. News & World Report, Pat explained, "Historically, the labor force participation rate was a bit like an accordion; it would contract when there was downward pressure on the demand for workers, but as soon as the economy began to recover, the labor force, both the number and the rate, would rise. I guess the good news is that statistically our unemployment rate is lower [than it has been], but that's merely a definitional phenomenon."

On WCBS Radio, Pat said,"We should brace ourselves for slow growth - not quite as slow as the past two months - but slow growth for the remainder of the year."

Pat's commentary was also scheduled to appear on Wall Street Journal Radio.

Published date: 6/1/2012

Search Our People

Search Our People

Look ahead. Gain insight. Imagine more. Is your business ready to break through?

View our new TV commercial..

Industry Outlooks

Industry Outlooks

Gain insight into what is ahead for the Commercial Real Estate, Technology and Middle Market Private Equity industries.

READ MORE

Learn about our upcoming events.

READ MORE

Working With Us

Working With Us

What makes CohnReznick different from others in our profession? And what should our clients come to expect when working with us? The answer is The CohnReznick Advantage. Contact us to learn how we can out the CohnReznick Advantage to work for your business.


People

The value of an organization is determined by the skills and qualities of its leaders. With more than 280 partners serving clients nationwide, CohnReznick is renowned for the diverse experiences, knowledge and backgrounds of its leadership.

Learn More

Services

We align our services in three segments: Accounting and Assurance, Tax, and Advisory. This approach allows us to provide holistic solutions to complex business problems and to seize upon opportunities requiring an integrated approach.

Learn More

Industries

Accounting and tax issues different significantly based on an organization's industry. We provide clients with expertise in nearly two dozen industries – we know the opportunities, the obstacles, the competitive landscape.

Learn more

Insights

CohnReznick professionals are thought leaders in their industries. Clients benefit from relevant and timely economic, legislative and industry insights that can keep them a step ahead of competition.

Learn More

Global Reach

Our involvement in the Nexia International network of firms enables us assist our clients wherever they do business-providing local expertise and connections wherever they needed. Nexia is comprised of 20,000 professionals operating in over 100 countries.

Learn More