Stuck in the Slow Lane

The small amount of job gains during the past few months not only reflects the response to slow output growth, but also a lack of confidence going forward. While this expansion might seem similar to recent post-recession periods, it is in fact much different. The economy as a whole has been weakened by a dismal housing market and slow consumption, which especially hamper small and medium- sized enterprises. Modest gains in private sector jobs, coupled with the large decline in government employment, are consistent with our forecast for continued sluggish growth.

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