Hampel in NY Times, AP: Add more jobs to avoid recession
WASHINGTON (9/7/10)--Friday's report that the private sector had added 67,000 jobs during August brought cautious optimism from Credit Union National Association (CUNA) Chief Economist Bill Hampel, who analyzed the numbers for the Associated Press. The New York Times (Sept. 3) was among those that picked up the report.
"We need to get that [jobs] number over 100,000 to feel comfortably that we won't slip back into recession," Hampel told the news service. "We need it over 150,000 to feel confident we have a nice, sustainable recovery," he added.
The Labor Department said the 67,000 jobs was more than the 41,000 jobs forecast by economists polled earlier by Thomson Reuters. (See related brief in News Now's "Market News.")
While the government's report "added a small dose of optimism, it also shows that the economic recovery is still tenuous," said the article. It reported that stocks extended their rally Friday after the data were announced.
More than 500,000 resumed their job hunts last month, driving up the unemployment rate to 9.6% from 9.5%, the article reported.
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