The American economy is resilient Says U.S. Secretary of Labor Thomas E. Perez

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The American economy is resilient Says U.S. Secretary of Labor Thomas E. Perez
The American economy is resilient Says U.S. Secretary of Labor Thomas E. Perez

The American economy is resilient Says U.S. Secretary of Labor Thomas E. Perez

In his statement the U.S. Secretary of Labor Thomas E. Perez said that the American economy is resilient at least from the latest data on jobs demonstrates this as the up trend has continued. He said that the upbeat data on the job creation shows that there is steady growth, particularly, after the addition of 212,000 total private sector jobs in October.

The U.S. Secretary of Labor views that the unemployment rate declined and fared better than expected. He said joblessness declined in September to a nearly-five year low of 7.2 percent and remained essentially unchanged at 7.3 percent in October. The major performance came from the manufacturing sector that added 19,000 jobs in the month of October.

Federal Government’s Shutdown Affected the Employment Data

He criticized the Federal government shutdown and added that while American businesses continue to add jobs, October’s job growth was undoubtedly restrained by the brinksmanship and uncertainty created by the federal government shutdown. He said that the private sector created 7.8 million jobs over the last 44 months.

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Employment Data Sending Good Signals

Thomas E. Perez said that the American economy is resilient; however, it is not immune to manufactured crises and that is what is visible from the data of the month’s employment in the country. According to him the shutdown had a discouraging effect on America’s continued recovery.

He showed his concern and said that the drop in the labor force participation rate and American workers on temporary layoffs has increased to alarming levels though as nearly 448,000 people fall in the category. It is the largest monthly increase in the history of that series of data.

He lambasted on the opposition saying that the American people deserve leadership that focuses on growing the economy, not holding it hostage. He said that instead of erecting political roadblocks, opposition needs to work with the government to pave bipartisan roads to full recovery.

Criticism of the Data Interpretation by the Government on Unemployment

However, his critics say that the new unemployment data and euphoria created by the interpretation is not going to last longer. For instance, they say that the last month more than 700,000 folks quit looking for work which is more than three times the number who found jobs, this exposes the claim from those who claim it is a better indicator of recovery.

To contact the reporter of this story: Jonathan Millet at john@foreminute.com