The June 2012 Jobs Report released last Friday reveals the unemployment rate went unchanged at 8.2 percent and that American employers added 80,000 jobs--20,000 less than anticipated by market experts.
David Seegar, CEO of Great Lakes Credit Union, appeared on WNWO Today to explain the disappointing three-month trend of sluggish job creation and what it means for American workers. He said consumer demand and uncertainty in the market are two of the main reasons Americans are not seeing improvement.
"Businesses are really concerned about what's going on in terms of taxation, in terms of business outlook and what's going to happen in Europe as well, which is dragging down the American economy." he said.
Seegar also pointed out that employers aren't adding new jobs in favor of increasing the workload of current employees. The job report shows that the average American work week increased 1.1 hours in June.
While the plateauing unemployment rate and job creation numbers show a bleak future, Seegar said government assurance and decisiveness could be the key to promoting growth.
"If the politicians in Washington oudl come to some conlusions with these things--good, bad or otherwise--there would at least be some direction and that would take some of the uncertainty out of the market."