The Fed next meets in mid-June, but Georgetown professor Harry Holzer thinks it'll punt on raising rates following May's weak jobs report.
A stunningly weak jobs report. The US adding just 38000. Jobs last month the previous two months gained sharply revised downward. The unemployment rate however falling to four point 7%. Joining us now from Washington for analysis Georgetown public policy professor Harry holes welcome professor holder you once chief economist at the Labor Department. What's your take on this report. Well it's mostly. A disappointing report. As you just indicated. The 38000. Growth and payroll jobs is really very low and and now two months in a row have been fairly well. The drop in the unemployment rate sounds good on the surface but it was all driven by people dropping back out we force so that's disappointing as well. You know part of the partly depressing the jobs gains was that. He strike by Verizon workers but even if he take that out analysts that jobs gains only. Amounted to about 72000. So what do you think was the culprit behind the weakness in job well. Yeah yeah yeah you're right but if you add those in the number does look quite as bad but but even 70000. It's pretty we remember that that the market expectation was for about a 160. Figure well below that rate and again I never make a big deal out of any one month's numbers but if you combine the last two months. Eyes are still looking at something even with the Verizon workers back in something below 100000. And so that's disappointing moments row what do you think this as about the health of our economy I know he said it's only a snapshot itself. Well it's it's it's confusing picture because if there was one positive. Spot in the report.