Sunday, April 4, 2010
Greenspan Cites Economic 'Momentum"
The former chairman of the Federal Reserve, Alan Greenspan who describes himself as a Republican libertarian, reinforced assessments that the country's latest job numbers show that the economy is making a comeback. 162,000 jobs were created last month compared to losing 600,000 jobs last March. More jobs are being created and that trend is expected to continue. The unemployment rate remains at 9.7 percent but this is because of the improving conditions which causes more people start to look for jobs and are counted back in the labor force. Progress doesn't show up immediately in the unemployment rate. He also said the economy is "running somewhat ahead of what the administration was forecasting". Hopefully 2010 turns out to be a better year than expected.
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It seems like that Greenspan might be speaking too soon since a large portion of these jobs are temporary as Census employees. Removing these numbers does still show positive job numbers, which is good. The push to boost the flow of credit to small businesses will play a strong role in continued employment growth. The credit will allow these business to hire more workers, or encourage people to start their own business. New businesses might also boost GDP if they can replace businesses that may have failed when the recession struck.
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