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Michelle Girard, RBS economist, weighs in on today’s unemployment rate, and if she sees the economy turning around in the near future.
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Real recover us RBS managing director and senior economist the brilliant Michelle Girard joins us.
To go over these numbers for the best -- -- -- Eric I was molest yes.
The you know I.
When you see people get excited about this number or the fact that it's higher than expectations.
It reminds you that we you've gotten used to this new normal where we're not producing -- two or 300000.
Jobs.
In a month which is what it would take to get back to employment levels where we were before the recession deepened this.
The new -- Well I don't think it's the new normal but I do agree with you we have gotten.
So that -- she error seven point seven unemployment rate and and you know historically.
That would have been something that we saw really just during recessions practically so I do think -- I think the economy can't do -- And I think we know that companies -- I do still believe are sidelined I think they're hesitant and that they -- The uncertainty associated with Washington and the economy.
-- to be higher.
Should that get published on a bit hot -- -- The hiring that they that they may need to do but -- I I do think we can do better than this is -- is that not enough to get yet apply everywhere needs to be.
No in fact and we kept at this rate it would take -- nine years to get employment back where was.
Before the recession.
Is there any I mean you say yeah we could be doing better is there anything out there that might spark businesses to do better.
Well you know I know what everybody says this but I do think it's true it it's more certainty and I I do think if we get.
Not just a fiscal -- agreement in our short term deal over year and but a longer term deal you know in 2013.
When word should be able to -- A longer term deal of the grand bargain and for -- for -- what this uncertainty about taxes and spending to rest.
That's what it would take -- companies to feel they can really honestly sit down and make some forward looking plans.
And I think that's what's needed to get both hiring and investment back at a at a nice upswing.
Yeah you know I I've got to ask you -- -- dipping consumer sentiment again and we need tax people they say they're worried about the fiscal clip.
Do you believe that I mean do you think the average person has really out there walking around -- -- and so worried about that -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- But you know it in the response -- on the half of -- they said when asked about what kind of economic news you have heard.
-- an unsolicited said they've been hearing about higher taxes and I do think now with all the media coverage of the fiscal -- consumers are starting to recognize that there's something.
Kind of going on hand and so I actually do think people are.
More aware they are worried I still think most people feel something -- get done at the last minute but I.
We're that there -- some out there and they see also reflected -- -- the equity markets got a struggling here in the last couple weeks and months.
Michelle your fantastic thank you so much change -- -- -- -- You know to.
