Steven C. Kyle, an expert in macroeconomics and government policy, and a professor of management at Cornell’s Dyson School of Applied Economics and Management, comments this morning's release of the latest federal unemployment statistics.
He says:
“In a month when virtually all economists feared negative fallout from Hurricane Sandy and the consensus for the new job figure was between 80,000 and 90,000, the U.S. economy proved it is indeed on the track to recovery with 146,000 new jobs and a drop in the unemployment rate to 7.7 percent.
“While still much higher than we would like, this is a very solid report for the economy and indicates considerable resilience in the face of a major negative shock. The Bureau of Labor Statistics reported that Sandy appeared not to have affected either the response rate to their monthly survey or the overall national jobs picture.
“This is good news for the national economy. However, major uncertainties remain with the ‘fiscal cliff’ negotiations in Washington and the upcoming renewal of the debt ceiling debate. Activity in Washington remains focused on parliamentary maneuvering and gamesmanship rather than acting to resolve these problems.”
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