Chief Economist Predicts Slow Growth for China

“I hope it’s a deviation in the data rather than the beginning of a trend”, hopes the Employment Security Department Chief Economist, Dave Wallace, while addressing a conference call Wednesday, following a disappointing jobs report.

As per reports, Washington has wiped out almost 700 jobs in May, putting question whether the state’s economy is heading towards slow recovery from the Great Recession, struck two years back.

Though the figure seems to be pretty low against the loss of over 200,000 jobs during the recession, reports have revealed that state economy had added a net 33,300 jobs, pushed majorly by professional services, followed by leisure and hospitality and education and health services since then.

However, if seasonally adjusted figures released Wednesday by the state are to be considered, private sector had removed almost 900 jobs while government sector pushed almost 200.

Furthermore, unemployment rate in May was reported to be at 9.1% against a revised 9.2 % in April and 9.6 % a year ago. Looking at the trend, Dave Wallace cautioned about exaggerating the job growth in this post-recession period.

As the countries across the world are grappling to combat rising commodity rates and gasoline prices in addition to ongoing euro debt crises, Dave Wallace predicted slower economic growth in China.