Weekly Wrap: Jobs and Europe
The Wall Street sign near the front of the New York Stock Exchange August 5, 2011.
Kai Ryssdal talks to Leigh Gallagher from
Fortune Magazine and Felix Salmon from Reuters.
On convincing people that 9 percent is the new normal for the unemployment rate:
Felix Salmon: That's what it is, they don't even need convincing. Politically, the big question is if the electorate is going to blame Barack Obama for extremely gruesome state of affairs. But there's no way that he's going to get 4 or 5 percent under his presidency, even if he does get re-elected.
And more on the jobs report:
Leigh Gallagher: The report today wasn't bad, there were revisions upward, which was good. But the Fed a couple days ago revised growth downward, and that's really where the mood strikes. Because basically we're kind of settling in, preparing for -- as you said -- kind of sustained, higher-based level. I think the Fed was predicting by 2014 we're going to be looking at somewhere between roughly 7 and 8 percent -- but that's 2014.
For more analysis, listen to the audio above.