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Professor Dr. Mikhail Melnik Talks About Friday's Jobs Report

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Economist and Kennesaw State University Professor Dr. Mikhail Melnik told Benzinga that Friday’s jobs report was above expectations and a “good report.”

Melnik mentioned that the “massive revision to the November/December numbers, increasing the three-month moving average to above 300/month,” was a sign of strength.

Private sector job growth was also cited as a “positive sign” in the report along with wage growth and an improving labor force participation rate. “In fact, it was the rise in the labor force participation rate that caused the unemployment rate to edge up,” according to Melnik.

“It does show a bit of a slowdown from the previous two months, but that is because the employment gains there were at a level we saw in the late 90's. This labor report shows that the US economy has enough strength to continue to post decent positive growth,” said Melnik.

The professor expected 2-2.5 percent average GDP growth for 2015 and concluded that “during the fourth quarter of last year, the US economy benefited from low energy prices, low interest rates, all boosting consumer confidence.”

Kevin Riley and Brianna Valleskey contributed to this report.

Posted-In: Mikhail MelnikAnalyst Color Economics Exclusives

 

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