Friedman: 4% economic increase needed for more jobs

Gerald Friedman, UMass Amherst Economics Prof.

Gerald Friedman, UMass Amherst economics professor, was quoted in a story by the Daily Hampshire Gazette.  According to Friedman, the nation will need a four percent economic increase to support a significant addition of jobs.

Daily Hampshire Gazette
Experts say ‘vicious cycles’ near end, on the way
By Kristin Palpini

Estimates for how much the economy may grow in 2010 range from about 2 percent to 3 percent, which signifies a slight improvement in gross domestic product over last year.

It isn’t quite enough to prompt a large wave of hiring. Gerald C. Friedman, a UMass economics professor, said the nation needs about a 4 percent economic increase to support a significant addition of jobs.

“There will be acceleration in 2011, but you need to bring down unemployment and you need about 2 million jobs to do that,” he said.