The U.S. economy isn’t recovering fast enough to restore the level of jobs seen before the recession started in December 2007, said John Silvia , chief economist at Wells Fargo & Co. in Charlotte, North Carolina.
Employers in the U.S. took on more workers in March than a month earlier and the jobless rate fell, indicating companies were confident sales will rebound from a weather-related setback, according to economists.
The U.S. government can avoid a default for at least a month after the Aug. 2 deadline to lift the debt ceiling set by the Treasury Department, said John Silvia, chief economist at Wells Fargo Securities LLC.
The recent rebound in hiring doesn’t mean the U.S. is experiencing a robust economic expansion, and further stimulus measures wouldn’t remove obstacles to growth, said John Silvia, chief economist at Wells Fargo Securities LLC.
Stuart Hoffman, chief economist at PNC Financial Services Group Inc. in Pittsburgh, Michelle Meyer, a senior U.S. economist at Bank of America Merrill Lynch in New York, and John Silvia, chief economist at Wells Fargo Securities LLC in Charlotte, North Carolina, said today’s employment report suggests a long period of labor market weakness lies ahead.