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Patrick J. O'Keefe Discusses October Jobs Report in Media


11/7/14

On Friday, November 7, the Bureau of Labor Statistics (BLS) released data on labor market conditions in the United States through October 2014. The U.S. added 214,000 jobs in October and the unemployment rate fell to 5.8%.

Patrick J. O'Keefe, CohnReznick's Director of Economic Research, spoke to the media in advance of the report to share his expectations, which were right on target with the reported numbers.

In a live interview with CNBC Worldwide Exchange, Pat said U.S. wage growth may have some "marginal improvement but no breakout" and explains why he thinks U.S. jobs data are a "troubled indicator."

Pat also shared his expectations on The Wall Street Journal This Morning, saying, “This will be another month in which we have surpassed 200,000 jobs.” He noted, “When we look over the past 12 months what we see is an economy that is growing at a steady, not spectacular, but at a steady rate, and we expect that will continue to feed into an improving jobs market.”

In a Bloomberg News article, Pat commented on the manufacturing and construction industries, saying they will be important ones to watch. “Construction and manufacturing between them are still 3 million jobs lower than where they were pre-recession, and it’s been the private-services sector where we’ve seen the job recovery concentrated.”
 
Pat discussed his reactions to the report on The Bloomberg Advantage, saying, "It's a positive report...there's certainly not a lot of stuff that we can point to and say there was a negative performance."

 

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