Shadow
03-11-2012, 01:28 PM
The economy has added more jobs (http://abcnews.go.com/Business/february-unemployment-rate-unchanged-job-creation-streak-continues/story?id=15878419)than expected in each of the past three months, pushing down the unemployment rate to 8.3 percent and marking the best six-month streak of jobs numbers since 2008.
But President Obama’s former economic adviser said today that this seemingly rosy economic picture (http://abcnews.go.com/blogs/politics/2012/03/on-swing-state-stop-obama-hails-two-years-of-job-gains/) probably won’t last.
“I think the main thing that [President Obama] ought to worry anybody is that the growth rate is probably not as sustainable as at high a rate as it’s been, so the pace of expansion, which for six months has been pretty impressive, it may just slow down a bit,” Austan Goolsbee, now an ABC News contributor, said today Sunday on “This Week.”
Goolsbee said he did not think the economy would plunge into a “double dip” recession, but warned that the growth rate would likely slow from 3 percent to 1.5-2 percent. He also said the unemployment rate, which could be vital to Obama’s re-election, could spike upward after six months of decreasing rates.
“As the economy’s improving, you’re also going to see, as you have the last couple of months, a whole lot of people coming out of the labor force, back into the job market,” Goolsbee said. “So the unemployment rate might actually go back up.”
http://abcnews.go.com/blogs/politics/2012/03/former-obama-economic-adviser-warns-unemployment-could-rise/
But President Obama’s former economic adviser said today that this seemingly rosy economic picture (http://abcnews.go.com/blogs/politics/2012/03/on-swing-state-stop-obama-hails-two-years-of-job-gains/) probably won’t last.
“I think the main thing that [President Obama] ought to worry anybody is that the growth rate is probably not as sustainable as at high a rate as it’s been, so the pace of expansion, which for six months has been pretty impressive, it may just slow down a bit,” Austan Goolsbee, now an ABC News contributor, said today Sunday on “This Week.”
Goolsbee said he did not think the economy would plunge into a “double dip” recession, but warned that the growth rate would likely slow from 3 percent to 1.5-2 percent. He also said the unemployment rate, which could be vital to Obama’s re-election, could spike upward after six months of decreasing rates.
“As the economy’s improving, you’re also going to see, as you have the last couple of months, a whole lot of people coming out of the labor force, back into the job market,” Goolsbee said. “So the unemployment rate might actually go back up.”
http://abcnews.go.com/blogs/politics/2012/03/former-obama-economic-adviser-warns-unemployment-could-rise/