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Economic growth gears hit snag

Wednesday, April 03, 2013 - 01:49

April 3 - Just a couple of days ahead of the key monthly jobs report, some disappointing jobs related reports have investors waiting and worrying about the pace of economic growth. Bobbi Rebell reports.

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A couple of speed bumps for the U.S. economic recovery. The ADP National Employment report fell short of expectations. And a critical service sector report came in weaker than forecasts- with the employment component the lowest since last November. William Rodgers is Chief Economist at the Heldrich Center for Workforce Development at Rutgers University, says we need stronger job growth: SOUNDBITE: WILLIAM RODGERS, CHIEF ECONOMIST, HELDRICH CENTER FOR WORKFORCE DEVELOPMENT, RUTGERS UNIVERSITY (ENGLISH) SAYING: "The economy is still stuck in second gear. You know, there is little momentum to move to 3rd gear to get us consistently in that 200,000, 300,000 range. But then there is, even though with some of the headwinds with regard to sequestration, austerity going on in Europe, and the issues in Cyprus, then continued mixed readings about consumer confidence, there doesn't seem to be a desire to sort of shift down to first gear. " But while he doesn't think we are shifting down- he does point out that we have yet to see the impact of sequestration- those spending cuts that could soon hit public employees. Those will eventually be reflected in the government data. But he was not overly concerned about a surprising drop in construction jobs in the ADP report. SOUNDBITE: WILLIAM RODGERS, CHIEF ECONOMIST, HELDRICH CENTER FOR WORKFORCE DEVELOPMENT, RUTGERS UNIVERSITY (ENGLISH) SAYING: "Potentially it just looks like there is a pause in the sort of rebuilding effort from Superstorm Sandy." And while the stock market did take a step back on the news, Ryan Detrick, of Schaeffer's Investment Research- is still optimistic about the big picture: SOUNDBITE: RYAN DETRICK, SENIOR TECHNICAL STRATEGIST, SCHAEFFERS INVESTMENT RESEARCH (ENGLISH) SAYING: "We continue to have two steps forward one step back specifically on the labor market the last few months as it slowly continues to kind of improve. This is clearly a step back but still Friday's number is the big number and that's what we are going to be watching here." Non-farm payrolls expected to come in at 200-thousand- the jobless rate is forecast to remain at 7.7%.

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Economic growth gears hit snag

Wednesday, April 03, 2013 - 01:49

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