Still losing the war on unemployment
By Mohamed A. El-Erian, Published: February 3
Mohamed A. El-Erian is chief executive and co-chief investment officer of the investment management firm Pimco and author of “When Markets Collide.”
The first Friday of every month, you will find me among those eagerly waiting for the release of the latest government data on jobs. Such eagerness, however, should not be confused with joyfulness. While the numbers have markedly improved over the past year, too much of the commentary has been overly partial and, sometimes, dangerously misleading — a situation that is likely to grow worse in the run-up to the November elections.
My problem is not with what the data reveal about the economy’s performance. The consensus on this has been correct: After massive destruction, the United States has been generating jobs at a healthier rate, albeit one that is still too anemic given the huge employment shortfalls caused by the 2008-09 global financial crisis. The pace of job creation is certainly picking up but, as yet, is insufficient to overcome our unemployment crisis.
Read the entire story at The Washington Post.
