William K. MacReynolds,
founding dean, Greensboro
College School of Business
"Today's monthly employment report, unlike reports earlier this week on consumer confidence and second-quarter GDP growth, did not signal the strength the economy needs for sustained and robust growth.
That's the conclusion of William K. MacReynolds, founding dean of Greensboro College's School of Business.
Reports earlier this week of strong growth in consumer confidence and annualized 4.0 percent growth in second-quarter GDP were encouraging, MacReynolds said. But today's Commerce Department announcement that the economy gained only 209,000 jobs in July should put a damper on hopes of strong and sustained growth anytime soon, he said.
"The long-awaited robust economic recovery almost hit the trifecta this week," MacReynolds said. "But the 209,000 added jobs in July were not strong enough to signal continued GDP growth at 4.0 percent."
Commerce also reported that the unemployment rate grew slightly, from 6.1 percent in June to 6.2 percent in July, as more Americans resumed looking for work.
"At 6.2 percent, there is still plenty of capacity in the economy for more growth in jobs and GDP without sharply rising wage costs," MacReynolds said. "It does not appear that this week's mostly good news on the economy is a harbinger of sustained economic growth. The outlook for the remainder of 2014 was not bolstered by the July employment figures."
MacReynolds, formerly an economist for the Federal Trade Commission, director of economic forecasting for the U.S. Chamber of Commerce and a Blue Chip Economics forecaster, has taught part-time at Greensboro College since 2010. He joined the full-time Business Administration and Economics faculty earlier this year.
Greensboro College, an independent, coeducational college affiliated with the United Methodist Church, is an academic and social community that unites the liberal arts and Judeo-Christian values in an atmosphere of diversity and mutual respect.
Founded in 1838 and located near downtown Greensboro, the college enrolls about 1,250 students from 32 states, the District of Columbia and 24 nations in its undergraduate liberal-arts program and four master's degree programs. In addition to rigorous academics and a well-supported Honors program, the school features a 16-sport NCAA Division III athletic program and dozens of service and recreational opportunities."
- A Press Release