On Friday, the Bureau of Labor Statistics released the August jobs report showing employment rose by 96,000 in August and unemployment was down to 8.1 percent.
During a briefing Monday, the Chief Economist at the Chamber of Commerce Dr. Martin Regalia said Friday’s job numbers weren’t enough to drive unemployment down and that the participation rate in the workforce is at a 30-year low. He added the economy is growing at a “pedestrian pace” and that the “fiscal cliff” is the most important issue that Congress has to address in the short run.
His comments were part of the Chamber of Commerce’s annual Labor Day briefing on jobs and economy. He was joined by the Senior Vice President of Labor, Immigration and Employee Benefits Randy Johnson.
When Congress resumes today, no progress is expected on resolving the "fiscal cliff" facing the country at the beginning of next year. $1.2 trillion in tax increases and spending cuts, including massive rollbacks to the defense budget, could trigger a second recession, the Congressional Budget Office warned recently.