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A Hoosier economist says the latest jobs numbers show growth is too slow for the nation to feel like there‘s meaningful recovery.
The U.S. Labor Department says the nation‘s economy added 209,000 jobs in July — down from 298,000 new jobs in June. Despite the decrease, July marks the sixth consecutive month employers added 200,000 jobs or more for the first time since 1997.
Unemployment rose to 6.2 percent in July from 6.1 percent in June.
Dr. Mike Hicks of Ball State University says 209,000 jobs aren‘t enough to absorb the available worker pool. He adds many Americans are working part time which also makes measurable recovery seem hazy.
“More than half of workers are working under 35 hours a week,” Hicks says. “I think this sort of signals a very long-term sluggish condition in the labor market.”
Hicks also says recession in China, Russia and Brazil spell continued problems for the U.S. economy.
Network Indiana contributed to this report.