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Patrick J. O'Keefe Comments on July Employment Report

The July employment report, released August 5, indicates that hiring picked up with employers adding 117,000 jobs last month, causing the unemployment rate to dip slightly to 9.1 percent.

In the Financial Times today, Patrick J. O'Keefe, director of economic research, said, "It's not quite as ugly as it might have been, but if expectations had not been so subdued, the reaction to this number would have been that the recovery has slowed to a near stall."

In U.S. News & World Report, he said, "Given that expectations had fallen so low, even a snail could've jumped over the expectations."

In the article that appeared in Bloomberg News, Pat explained, "More and more individuals are giving up the job search."

In NJBIZ, Pat noted, "The fact is that we were averaging about 135,000 new jobs per month during the first year of the recovery that started in March 2010, and that level of job creation was characterized as tepid. So this level is substandard."

On Fox Business Network's Lou Dobbs Tonight, Pat discussed the implications of the July employment report. He said, "Overall, we're still adding jobs (though at a much lower level than we'd like). GDP is still growing (slower than we'd like). We're still going forward and that's better than where we were."

When asked about a quick fix that could jumpstart the economy, Pat explained, "There is no quick fix. We're in this for a long slide. We spent 25 or more years getting us into this problem and it's going to take a long time to dig our way out of it."

Other interviews include:

  • WCBS AM Radio NYC
  • Bloomberg Radio's "Hays Advantage"

Published date: 8/5/2011

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