Friday
Apr032009
Unemployment high in March, Officials say
By Michael Ruhl, University of New Mexico – Talk Radio News Service
A day after President Barack Obama's budget was passed by a Congress boiling with partisanship, the Bureau of Labor Statistics released a report showing unemployment at its highest since 1983. There are now 13.2 million Americans out of work.
The pouring rain in Washington mirrored the sobered mood in the room, as the Joint Economic Committee heard the testimony of Keith Hall, the Commissioner of the Bureau of Labor Statistics.
March was one of the worst Months on record for unemployment, and when asked outright, Hall told the committee that there were no "bright spots" in the report.
National unemployment climbed to 8.5 percent in March, rising from the level of 8.1 percent in February and 7.6 percent in January.
Hall said that two-thirds of the job loss has happened in the past 5 months. Every state is in recession for the first time in 30 years, according to Carolyn Maloney (D-NY).
Official unemployment numbers do not encompass underemployed Americans or those who have officially left the workforce. It is reported that 16 percent of the country is out of work or underemployed. One in four of those unemployed have been out of work for more than six months, and of those, half have been looking for work for over a year, Hall said.
Maloney highlighted that last month, 8,000 jobs were lost in the news publishing industry. Those losses total 70,000 job cuts since Dec. 2007, Hall said, adding that most job losses have been see in the manufacturing, construction, and temporary services industries. The only area to see any growth in March was the Healthcare industry, Hall said.
Ranking Committee member Senator Sam Brownback (R-KA) noted that the impact of the ongoing recession was not severe for almost a year after it began in December 2007. Brownback attributed recent dramatic jumps in job losses over the past five months to the lockup in the credit markets and the government bailouts that followed.
The Federal Reserve believes that unemployment will peak at 8.8 percent this year, but Ranking House Committee Member Kevin Brady (R-TX) said that the unemployment rate is already higher than what the administration anticipated for 2009. Brady said that the Obama Administration's "optimistic assumptions" would not get the country out of its current mess.
President Obama’s Economic Stimulus package was passed by Congress earlier this year, and saw an unprecedented amount of money placed into public works meant to put people back to work. Obama has pledged the legislation will save or create three to four million jobs over the next two years.
Read the report here: Bureau of Labor Statistics Report
A day after President Barack Obama's budget was passed by a Congress boiling with partisanship, the Bureau of Labor Statistics released a report showing unemployment at its highest since 1983. There are now 13.2 million Americans out of work.
The pouring rain in Washington mirrored the sobered mood in the room, as the Joint Economic Committee heard the testimony of Keith Hall, the Commissioner of the Bureau of Labor Statistics.
March was one of the worst Months on record for unemployment, and when asked outright, Hall told the committee that there were no "bright spots" in the report.
National unemployment climbed to 8.5 percent in March, rising from the level of 8.1 percent in February and 7.6 percent in January.
Hall said that two-thirds of the job loss has happened in the past 5 months. Every state is in recession for the first time in 30 years, according to Carolyn Maloney (D-NY).
Official unemployment numbers do not encompass underemployed Americans or those who have officially left the workforce. It is reported that 16 percent of the country is out of work or underemployed. One in four of those unemployed have been out of work for more than six months, and of those, half have been looking for work for over a year, Hall said.
Maloney highlighted that last month, 8,000 jobs were lost in the news publishing industry. Those losses total 70,000 job cuts since Dec. 2007, Hall said, adding that most job losses have been see in the manufacturing, construction, and temporary services industries. The only area to see any growth in March was the Healthcare industry, Hall said.
Ranking Committee member Senator Sam Brownback (R-KA) noted that the impact of the ongoing recession was not severe for almost a year after it began in December 2007. Brownback attributed recent dramatic jumps in job losses over the past five months to the lockup in the credit markets and the government bailouts that followed.
The Federal Reserve believes that unemployment will peak at 8.8 percent this year, but Ranking House Committee Member Kevin Brady (R-TX) said that the unemployment rate is already higher than what the administration anticipated for 2009. Brady said that the Obama Administration's "optimistic assumptions" would not get the country out of its current mess.
President Obama’s Economic Stimulus package was passed by Congress earlier this year, and saw an unprecedented amount of money placed into public works meant to put people back to work. Obama has pledged the legislation will save or create three to four million jobs over the next two years.
Read the report here: Bureau of Labor Statistics Report
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Obama Wants You to Go Back to School
President Barack Obama
Photo by Michael Ruhl
Obama’s plan, detailed at opportunity.gov, would help the unemployed go back to school to build new skill sets, with the goal of helping them gain future employment through specialized technical training.
“The idea here is to fundamentally change our approach to unemployment in this country, so that it’s no longer just a time to look for a new job, but is also a time to prepare yourself for a better job,” Obama said. “Our unemployment system should be not just a safety net, but a stepping stone to a new future.”
Among the barriers to success that the President wants to break down are state programs in which a worker might lose temporary financial support if they were to enroll in an education program. Obama said that in some places a worker may be unemployed, but may not qualify for federal assistance to get an education because of the salary they had a year ago but no longer make. The President said that he is committed to working with states to change these laws.
The President said that knowledge is the most valuable skill that one can sell. He encouraged all Americans to aim for getting at least 1 year of higher education, whether it is a community college, a four year school, vocational training or an apprenticeship.
“By 2020, America will once again have the highest proportion of college graduates in the world,” Obama said optimistically.
This announcement came on the same day as the release of April’s unemployment statistics, which saw the loss of more than half a million jobs. The unemployment rate for April was 8.9 percent, up from 8.5 percent in March and 8.1 percent in February. April's numbers have already surpassed both the White House's and the Federal Reserve's projections for all of 2009, which were 8.1 percent and 8.8 percent, respectively.
Acknowledging that unemployment is as its highest rate in 25 years, the President urged patience, reminding us that the economic problems didn’t happen overnight, and couldn’t be fixed immediately.
“We’re still in the midst of a recession that was years in the making and will be months or even years in the unmaking,” Obama said. He continued, “We should expect further job losses in the months to come.”
Obama said that the Economic Stimulus Package is yielding real results, manifest in higher consumer spending and home sales, and an increase in construction spending. He praised the Recovery Act, and said, “Because of this plan, cops are still on the beat and teachers are still in the classroom; shovels are breaking ground and cranes dot the sky; and new life has been breathed into private companies.”
Fixing the economy and reforming education are two goals Obama has set for his administration. He said that in the weeks to come he would start working towards more education initiatives.