Recovery in the US market has been rightly called a slow and incomplete one since it is a jobless one. And even President Barack Obama has accepted this fact. The bad news is that this situation will not improve drastically in the coming months. That’s what can be understood from a report published by the White House on Thursday. It says that this year only 95,000 new jobs will be created in the economy every month.
Besides this, the personal saving rate will continue to be very high. It means that the investment front will also take some beating. In the current position, the economy is losing 700,000 jobs every month. This situation, believe experts, would get better by spring.
Talking to the press on Wednesday, Head of White House Council of Economic Advisors, Christina Romer said that the forecasts made by the White House is much below the one that has been provided by the Blue Chip companies, which suggest a much better situation.
The council projects that an average 190,000 jobs will be made every month in 2011 and by 2012 it would reach 251,000.