Workers Must Lower Expectations on Jobs, Silvia Says: Tom Keene

Workers have to accept a “lower level of expectations” for employment amid tepid economic growth and may need to retrain and move to find opportunities, said John Silvia, Wells Fargo Securities LLC’s chief economist.

The bank forecasts U.S. gross domestic product will grow at 2 percent in the second quarter, compared with a median estimate of 3.3 percent by 71 economists in a Bloomberg survey. GDP cooled to 1.8 percent in the first quarter, compared with 3.1 percent from October through December, the Commerce Department said on April 28.