Tim Kane Available to Comment on Today's Jobs Report
WASHINGTON, June 1, 2012 /PRNewswire-USNewswire/ -- Hudson Institute Chief Economist Tim Kane (http://www.hudson.org/kane) is available to comment on the employment numbers released by the U.S. Bureau of Labor Statistics (BLS). Kane says:
"Today's employment report from the BLS confirms our worst fears: for the third summer in a row, recovery is elusive. Both big numbers are moving backwards—higher unemployment and sluggish payrolls. Only this time the weakness in job creation has a whiff of recession.
"I don't see any silver lining in this report: average hours are down, long-term unemployment is up, and one in four young workers cannot find a job heading into what promises to be a long, hot summer of bad international news as well.
"Unemployment is in Catch-22 territory, as the few workers who are coming back into the labor force swamp the number of job openings. A better metric of the unprecedented labor environment may be the underemployment rate, U6, which jumped by 0.3 to 14.8 percent in this month's report."
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SOURCE Hudson Institute