US: Decent employment growth, but not strong enough to get a sustained decline in unemployment | Eurobank
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US: Decent employment growth, but not strong enough to get a sustained decline in unemployment

• Recent employment data provide further evidence that recession risks have given way to a continued moderate US expansion.
• However, even though job growth is definitely better-than-expected just a few months ago, the payroll monthly surveys continue to portray a jobless US recovery.
• Weak employment growth over the next few quarters is expected to be sufficient to push the unemployment rate down only marginally towards 8.7% by the end of 2012 from an average of 9.1% in 2011.
• The latest Fed projections include a high unemployment rate even throughout 2013 (8% year-end 2013), so the Fed keeps clear easing bias to employ its tools, should economic growth stay stubbornly slow in the quarters ahead.