Today's better-than-expected jobs report has left the country's econ-observers relieved but unsatisfied about the glacial pace of the nation's economic recovery. Following a 500-point drop in the Dow yesterday, it was one of the most anticipated jobs reports in recent memory (crashing the website of the Bureau of Labor Statistics). News that employers added 117,000 jobs in July and that the unemployment rate dipped a notch to 9.1 percent coincided with the Dow rising 165 points and subsequently whipsawing back down. Here's how market observers are reacting:
It puts out the fire from yesterday “This may go some way to helping stabilize market sentiment,” James Knightley, an economist at ING, tells The New York Times following the report. The chief economist at IHS Global Insight adds "It gives us some temporary relief. But all we can say is it’s a bit better than the two previous months. I suspect, though, that relief will probably not last too long as people refocus on what they think will happen in the future"
But double-dip fears are here to stay, says David Chalian at PBS News Hour: "The July number is far better than the anemic 18,000 created in June, but still not enough to keep up with population growth and clearly not robust enough to make a significant dent in the sky-high unemployment rate. Don't expect that talk about a possible double-dip recession to dissipate entirely based on this one report."