Contact Us

As Job Growth Slows, the Economic Recovers Stalls [AUDIO]

The economic recovery was supposed to be revving up by now, but recent job data suggests the economy has actually been slowing down in recent months.

New York Stock Exchange
New York Stock Exchange (Spencer Platt/Getty Images)

So what’s going on here?

“A major part of the problem is the continuing uncertainty in Washington, as both sides of the isle continue bickering and pointing fingers as they all posture for the political moment, rather than work on policies that would get the American economy back on track,” said the Director of Economic Research at Cohn Reznick, Pat O’Keefe.

He points out that private sector job creation has been sagging since the beginning of the year, and there’s not much in the outlook that suggests an acceleration in hiring anytime soon.

O’Keefe explained what federal lawmakers have done is set a series of deadlines for the budget, spending and the debt ceiling that will spell out whether or not they’ve been able to reach an agreement.

“What it means is by mid-December, in the middle of the holiday shopping season, the businesses and households of America may be bracing for yet another shutdown, and for yet another political brawl in Washington. In which case they’ll reduce their holiday spending, they’ll set aside money, the employers will hold off hiring because they can’t be certain of what the picture is going to look like,” O’Keefe said.

As a consequence, he has a prediction.

“This slow growth we’ve been experiencing for the past six months will probably slow even further. We don’t see the kind of energy and the kind of increased spending by companies and households because they’re uncertain about the future.”

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Best of 92.7 WOBM

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for WOBM Listener Club quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive WOBM Listener Club contests, events, coupons, presales, and much more delivered to you for FREE.