WASHINGTON, July 6, 2012 /PRNewswire-USNewswire/ -- Hudson Institute Chief Economist Tim Kane is available to comment on the employment numbers released by the U.S. Bureau of Labor Statistics (BLS).
"Today's report confirms the three year stagnancy of the labor market, which now seems to be a quagmire. Net job creation is falling behind population growth and the underemployment rate—which counts discouraged workers—ticked up in June and remains six percentage points above the norm. Every other recovery in the last half century saw a full jobs recovery in payrolls 48 months after the recessions began, and every other recovery saw the employment-to-population ratio recover within 42 months.
"During the most recent recession, the employment-population ratio sank 4.5 percentage points, representing over 12 million lost jobs. After three-and-half years of the so-called Obama recovery, the employment rate is stuck 12 million jobs below potential. One conclusion is clear: the current policies of this administration are not working, and seem to be barriers to a real recovery."
Dr. Kane often provides analysis on CNN, CNBC, ABC, NBC, CBS, FOX, MSNBC, Bloomberg, and PBS' Nightly Business Report. His research on entrepreneurship and job creation has been widely cited, notably in the 2011 Economic Report of the President. Dr. Kane is a graduate of the U.S. Air Force Academy with a Ph.D. in economics from the University of California, San Diego. He is co-authoring a book (with Glenn Hubbard) entitled Balance: Why Great Powers Lose It and How America Can Regain It, forthcoming from Simon & Schuster in early 2013.
Click here to download a PDF of Kane's latest Economic Policy Studies Briefing Paper, entitled Inheriting Recessions.
Hudson Institute is a nonpartisan policy research organization dedicated to innovative research and analysis promoting security, prosperity, and freedom. http://www.hudson.org
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SOURCE Hudson Institute