Unemployment Rate Steady as Millions Remained Discouraged
The puzzle of reducing federal deficits to sustainable levels and accomplishing stronger growth and jobs creation, consistent with the underlying potential of the economy, remains difficult, because the $500 billion trade deficit on oil and with China continues to drag on demand and a tighter regulatory climate makes businesses cautious about investing in the U.S.
The economy would have to add about 12.9 million jobs over the next three years -- about 358,000 each month -- to bring unemployment down to 6%. That would require GDP growth in the range of 4% to 5%.
Without better regulatory and trade policies, it is simply not possible to accelerate growth, create enough jobs and bring down federal deficits -- all at the same time.
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