The economy added 162,000 jobs in July, but that's a far cry from the
360,000 needed to get the economy back on track, says Peter Morici,
professor of international business at the University of Maryland and a
Moneynews Insider.
"Essentially, the economy is firing on three cylinders instead of six, growing at around 2 percent instead of the 5 percent it should, and as a consequence isn't absorbing as many new workers," he tells Newsmax TV in an exclusive interview.
"Many of those that it does hire are part-timers. Increasingly Americans are relegated to a contingent work force where they work temporary jobs, part-time jobs and so forth. They can't get decent healthcare benefits despite Obamacare, and their wages continue to fall."
"Essentially, the economy is firing on three cylinders instead of six, growing at around 2 percent instead of the 5 percent it should, and as a consequence isn't absorbing as many new workers," he tells Newsmax TV in an exclusive interview.
"Many of those that it does hire are part-timers. Increasingly Americans are relegated to a contingent work force where they work temporary jobs, part-time jobs and so forth. They can't get decent healthcare benefits despite Obamacare, and their wages continue to fall."
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