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Patrick J. O'Keefe Discusses July Jobs Report with CNBC, Other Media Outlets


8/2/13

On Friday, August 2, the U.S. Department of Labor reported that the economy added 162,000 jobs and the unemployment rate went from 7.6% to 7.4%.

In advance of the report’s release, on Friday morning, Patrick J. O'Keefe, CohnReznick's Director of Economic Research, shared his expectations with CNBC Worldwide Exchange. He noted that jobs growth in the U.S. is concentrated in the private services sector, especially food and drink establishments and retail. Pat also explained, “What we really need to look for this month is whether there is a broadening of the jobs gains. Year to date, jobs gains in the private sector are up about 8%, but in some key industries, healthcare for example, jobs growth is actually slower than in the first six months of last year.”

On Wall Street Journal Radio, Pat said, “We have grudging forward momentum.” He added, “My expectation is that the trend we’ve seen in place over the last 12 months is going to continue."

In U.S. News and World Report, Pat noted that getting faster job growth will require all industries to improve together. "I think the challenge to this jobs recovery is a broadening. That's the way we get acceleration," he said.

Pat also appeared on Bloomberg Radio's Hays Advantage.

Visit our Economic Insight page for regular updates from Pat.

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