A new report shows that uncertainty has added between one and two percentage points to the national unemployment rate since 2008.
Dick Donahue with Asset Advisers LLC in Fairhaven says doubts about the economy have kept companies from hiring, and kept consumers from spending.
The report from the San Francisco Federal Reserve Bank found that uncertainty acts on the economy like a drop in overall demand, holding back economic activity and inflation at the same time.
The research looked at consumer confidence surveys, the latest fear index, and inflation and unemployment rates.
The local jobless rate was 7.6 percent in July, up from 7.3 percent in June.