NEW YORK – Job growth has slowed a bit over the past year, but is still well above the rate of growth needed to absorb the increase in the working age population, Moody's Analytics chief economist Mark Zandi said on Wednesday.
Continue Reading Below
Zandi told reporters on a conference call that the slowdown in job growth over the past year is due to struggling sectors such as energy because of low commodity prices and more recently, weakness in the construction trades, which is primarily from a slowdown in public construction.
However, Zandi said another reason for the slowing growth the labor market is tight and businesses are having a hard time filling open job positions.
(Reporting by Chuck Mikolajczak)