MUNCIE, Ind. (WOWO): The nation‘s unemployment rate fell from 6.2% to 6.1% in August. Ball State University economist Dr. Mike Hicks calls the report disappointing given that job creation figures fell below projections. 142,000 jobs were created in August which falls far short of the 226,000 predicted.
Hicks says manufacturing job losses and no growth in the retail sector are behind the weak numbers. He says June and July job creation numbers were also revised down by 28,000. Hicks says the economy remains sluggish also due to changes brought about by the Affordable Care Act and recession in Europe.
He predicts U.S. economic growth will end the year around two percent, another signal of weak economic performance.