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Patrick J. O'Keefe Discusses November Employment Report


On December 2, the U.S. Department of Labor released the November 2011 employment report, which reveals that the unemployment rate fell to 8.6 percent-its lowest level since March 2009.

Patrick J. O'Keefe, J.H. Cohn's director of economic research, is discussing the latest report in several media outlets:

In the Financial Times, Pat pointed out, "What we're seeing here is still tortoise-like forward motion. It looks good by comparison. If we had gotten the earlier subpar readings, we would be looking at this and saying, 'well, it's merely OK.'"

In U.S. News & World Report, Pat explains, "I think the household survey data, the job holding data, the change in the unemployment rate, the change in the underutilization rate, the U-6 number, are all positive indicators and suggest that the recovery, which is now 2.5 years old, is beginning to make some inroads into the damage that was done during the downturn." Click here to read the article. On CNNMoney.com, Pat explains the impact on retail, saying, "Retailers realized consumer demand was going to be stronger than had been anticipated. It's confirmation that more of them are taking an optimistic view-but still many of those jobs could prove to be temporary in nature." Click here to read the article.

In SmartMoney.com, Pat sums up the situation by saying, "Things have improved, but not enough." Click here to read the article.

In the Los Angeles Times, Pat said, "The data shows the economy is still not robust but improving at a faster clip." Click here to read the article.

In advance of the report's release, Pat also spoke to Wall Street Journal Radio. During the interview, he said, "There are just too many unsettled challenges to the economy, both globally and here in the United States, to prudently bet on a sustained surge in job creation." Click here to listen to the interview.

Published date: 12/2/2011

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