Roubini Gloomy News on U.S. Employment

We still believe that the second half of the year will display weaker growth as personal consumption growth aligns with income growth, inventory growth aligns with final sales (still a weak spot) and fiscal stimulus turns neutral or becomes a drag on growth. In normal times, the labor market needs to create around 130,000-150,000 jobs per month to absorb increases in the work force. Clearly, given the slack in the market, job creation must go substantially beyond that range to reduce the unemployment rate during this recovery.