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Milton Ezrati, Lord Abbett senior economist and market strategist, weighs in on today’s jobs data and how it will impact the election next week.
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The economy is growing box very slowly our next guest says that -- -- positive for the markets although -- not much of a reaction so far.
But what does it do for either presidential candidate joining us -- and -- -- senior economist and market strategist with -- Abbott's and a all right Milton and a seven point 9% jobless rate ticked up a little bit anyway you look at it can't be great if we're at seven point 9% unemployment are now.
Hi this is no doubt about it it speaks of the from this slow growth.
The poor jobs market we've been seeing them to some extent -- validated -- surprisingly good report we had in September.
But it's not enough in the market is showing their skepticism.
I guess if you take a positive does seem strange -- the uptick in the unemployment rate was perhaps more people.
Starting to look for work again as opposed to just giving up so therefore more people are unemployed but they must believe that there's more jobs out there and that's why they've gotten back in that.
Makes sense well it does and I think what we've seen in the numbers -- and this is this is a bit of the changes that business was using over time.
And Temps down and they've started to hire at the margin and so we've seen the work week which was expanding stop expanding.
So there's less over time and they are beginning to bring people want but it's still a picture of a very slow growing economy.
Where the jobs being created oddly the kind of jobs that we'd like to see in a stronger recovery.
Well I mean this broad base but it's not a lot many sectors many seen declines in government jobs we have is surging government jobs in September.
So that's really insignificant the October decline.
Are we seeing declines in -- -- Which is I guess some form of government jobs these days.
We have -- and and and drop in mining but these are mostly -- from month to month variations it's been slow across the board but slow.
We've seen that wages also not particularly pick -- -- pace is this what you would call a low wage recovery perhaps what it is but I think I think what's happened here is that I mentioned that they were using over time in the stops and that's -- and a half for an hourly worker.
So we've seen wages such -- September we sort jump in the work week we saw the average.
Weekly wage rise because a lot of that is time and a half.
That stopped in October.
Let's talk politics obviously the election coming up on -- stage.
Is this a report that President Obama can point to and say look we're on the right track well this is kind of a bipartisan -- gives both people OK so what's the plus side for but it the president of the -- jobs -- the next the president can say we've added jobs has been a pick up some of the revisions indicated to pick up he can say that this is validates.
The dropped below 8% it's you know what's up slight but it's still -- from when he first took office back in January of but at the beginning of his some time yes it was a bought seven point.
88 so a that's the progress we've had and there's effectively no progress but actually when you look at it it it's a little worse than that.
And I'm -- to talk against driving at a record of the president that's not my job.
But when you consider if you look at the kind of people who left the workforce the participation rate Americans are not looking for work some -- coming back.
But still there's about five million people and that's our calculation.
That would have been working although and and would be counted in the unemployment if they hadn't given up which is something Mitt Romney to point out and admit it Romney no doubt will.
All right very good Milton -- -- thank you so much them for being here thank you she.
