Patrick J. O'Keefe Discusses June Jobs Report in Media
On Thursday, July 3, the Bureau of Labor Statistics (BLS) released data on labor market conditions in the United States through June 2014. The U.S. added 288,000 jobs in June and the unemployment rate fell to 6.1% from 6.3% in May.
Patrick J. O'Keefe, Director of Economic Research, reacted to the report with the Associated Press. "Since February, this has now become a textbook jobs expansion," he said. "It is both broad and accelerating."
Prior to the release of the report, Pat joined CNBC Worldwide Exchange to share his expectations. Pat noted that low labor force participation rates for 25-50 year-olds mask deeper structural problems. “It’s a problem across the board. What we’ve seen is a sharp decline in labor force participation rates among young adults and those in their prime work-age years.”
On Wall Street Journal This Morning radio, Pat noted, “The economy overall is growing; it’s growing less rapidly than we thought it would, but it is still growing.” In The Wall Street Journal Real Time Economics blog, Pat commented on retail jobs not yet recovering their pre-recession level, saying, "There’s still a lot of make-up room there."