JPMorgan Economist: Get Ready for the Economy to Produce Way Fewer Jobs in the Future

[marmar]

(Bloomberg) Some days, there are too many ideas: Emerging market currency convexity on a log chart, the "bond bear market," Italian GDP, or the latest fight about gold.

Then something comes along that pushes it all aside.

Michael Feroli, of JPMorgan economics has been way, way out in front of the story of a new structural slowdown for the U.S. Economy. He was even pre-New Mediocre, as Madame Lagarde and the IMF carried the JPMorgan caution over to the global economy.

On Surveillance today, he reitered his call for a sub-2% run-rate for America.

And then he dropped a bombshell.

Feroli suggests that without technological progress, America's demographics and subdued productivity will drive "normal" GDP growth even lower. And the pace of job creation in the coming years will fall to around 75,000. ................(more)

http://www.bloomberg.com/news/articles/2015-06-09/jpmorgan-economist-get-ready-for-the-economy-to-produce-way-fewer-jobs-in-the-future