GOP Leaders Downplay Dip In Jobless Rate

House GOP leaders downplayed the dip in the nation’s unemployment rate from 9 percent to 8.6 percent Friday morning, the lowest recorded rate in nearly three years.

“Today’s unemployment numbers certainly look good on its surface,” House Majority Leader Eric Cantor (R-Va.) said at a Friday press conference. “If you look at the number of new jobs created, there’s just not enough new jobs being created in America.”

According to the latest unemployment numbers, the economy added 120,000 jobs in November. Despite seeing jobs totals reach at least 100,000 in the past three months - September numbers were revised showing 210,000 new jobs were added, an uptick of 52,000 from the initial report - House Speaker John Boehner (R-Ohio) voiced his concern over the period of time in which the jobless rate has remained above 8 percent. 

“The jobless rate in our country is still unacceptably high, Boehner said. “Today marks the 34th consecutive month of unemployment above eight percent.”

Though Republican leaders welcomed the dip in the unemployment rate as “good news,” they remained skeptical of Obama’s economic agenda. Boehner used the opportunity to call on President Obama and the Democratic-controlled Senate to take up 25 House-passed bills, all of which are considered job creators by House Republicans.

“It is time for the president to admit, after being able to enact all the major tenants of his agenda… that ultimately his policies are not working,” Rep. Jeb Hensarling (R-Texas) said. “We would ask Mr. President to please asks Mr. Reid to pass our jobs bills.”

White House Economist Warns Of Volatile Employment Numbers

Alan Krueger went right to work Friday as the official Chairman of President Obama’s Council of Economic Advisers, reminding Americans not to read to much into the latest employment figures. 

Krueger, whose nomination was unanimously confirmed by the Senate late Thursday night, said in a statement that, although new government data shows that the economy continues to grow, he remains wary the slow pace of recovery is keeping Americans out of work. 

“Despite adverse shocks that have created headwinds for economic growth, the economy has added private sector jobs for 20 straight months,” the statement read. “We need faster economic growth to put more Americans back to work.”

The 80,000 jobs added to the market in October is significantly lower than economists previously predicted. Most notably, the construction sector lost 20,000 jobs, a market Krueger said could have been remedied with the infrastructure bill that was rejected in the Senate earlier this week.

“The report underscores that one area that remains notably weak is the construction sector,” Krueger said. “That’s why it is disappointing that the Senate was not abele to proceed to the infrastructure part of the American Jobs Act.”

Though the nation’s jobless rate fell by a slim margin from 9.1 to 9 percent and the economy added 80,000 jobs, Krueger was adamant in reminding people that monthly figures can be subject to change. Initially, August’s report indicated that the economy added zero jobs. According to Krueger, the number of jobs added in August skyrocketed to 104,000 following a series of revisions. 

“The monthly employment and unemployment numbers are volatile and employment estimates are subject to substantial revision,” Krueger said. “This illustrates why the Administration always stresses it is important not to read too much into any one monthly report.”

Unemployment Rate Unwavered By Uptick In Jobs Numbers

The United States exceeded economists’ expectations by adding 103,000 jobs to the nation’s workforce in September, but the uptick did little to shake an idle unemployment rate as it sits unchanged at 9.1 percent, according to the Labor Department.

The Bureau of Labor Statistics credits the expansion in employment to the 45,000 disgruntled Verizon employees previously on strike who have returned to work, accounting for nearly half of all job creation last month.

RNC Chair Reince Priebus took the opportunity to blast the president’s jobs bill, calling it “Stimulus 2.0” and denouncing its touted potential impact on the country’s economy.

“Today’s disappointing jobs report underscores why President Obama’s Stimulus 2.0 is not the answer to put Americans back to work. After putting $825 billion on the nation’s credit card only to have 32 straight months of unemployment at 8 percent or above, it is remarkable that the President would double down on the same policies at the tune of nearly half a trillion dollars in more ‘stimulus’ spending,” said Priebus.

House Speaker John Boehner (R-Ohio) was even less than enthusiastic about September’s “sad numbers” saying Democrats “need to stop campaigning, start listening and start working,” a likely rollover from Thursday’s Obama’s-thrown-in-the-towel jab.

“Our unemployment rate has been higher than eight percent for more than two-and-a-half years, far above what [Obama] promised with the ‘stimulus,’” Boehner said in a statement.

Katherine Abraham, a member of Obama’s Council of Economic Advisers, also acknowledged that the stagnant 9.1 percent unemployment rate was “unacceptably high” and promoted the American Jobs Act as a means to expedite the economic recovery process.

“Clearly, we need faster economic growth to put Americans back to work,” Abraham said, but she reminded that September’s jobs numbers be taken with a grain of salt.

“The monthly employment and unemployment numbers are volatile and employment estimates are subject to substantial revision,” she said. “Therefore, as the Administration always stresses, it is important not to read too much into any one monthly report.”

July Unemployment Rate Holds At 9.5%

Hindered by the loss of thousands of government jobs, the nation’s unemployment rate remained at 9.5% during the month of July, according to statistics released today by the U.S. Department of Labor.

While the private sector added 71,000 jobs, 202,000 government employees lost their jobs, including 143,000 temporary Census workers. State and local governments experienced layoffs as well. House Minority Leader John Boehner (R-Ohio) responded quickly to the report.

“After another disappointing jobs report and the resignation of one of the chief architects of the trillion-dollar ‘stimulus,’ it’s time for President Obama to listen to the American people and face up to the fact that his ‘stimulus’ policies aren’t working,” he said. “How many more times do families and small businesses have to ask ‘where are the jobs’ before President Obama changes course?”

Private sector employment has now increased by 630,000 this year, though roughly two-thirds of those jobs were added during March and April. In July, the manufacturing and healthcare industries experienced gains of 36,000 and 27,000 jobs respectively. Jobs were also added in the mining, transportation and warehousing industries.

Jobs in construction, financial activities and business all fell. In total, 14.6 million Americans remained out of work in July, with 6.6 million of them having now been jobless for nearly seven months. White House Economic Advisor Christina Romer was less than satisfied with the new figures, but said recovery could still be underway.

“We have made substantial progress from the days when employment was declining by 750,000 a month.  But, today’s employment report emphasizes just how important the additional jobs measures before Congress are,” she said. “There will likely be more bumps in the road ahead as the economy recovers. The monthly employment and unemployment numbers are volatile and subject to substantial revision. Therefore, it is important not to read too much into any one monthly report, positive or negative.”

The White House announced early Friday morning that President Obama would make a statement on the new numbers later this afternoon.

Bernanke: Unemployment Stunting Economic Growth

By Brandon Kosters - Talk Radio News Service

Fed Chairman Ben Bernanke delivered his Semi-annual Monetary Policy Report to Congress today. Bernanke predicted an unemployment rate between 7-7.5 % by the end of 2012, and a GDP increase of 3-3.5% by the end of this year, with marginal increases over the course of the next two years.

He said that inflation is currently less than 1%, and does not expect it to increase signifigantly over the course of the next two years.

Bernanke expressed concern over the nation’s current high unemployment rate of 9.5%, and the degree to which it has limited household spending.

Bernanke added that in addition to its immediate adverse effects, short-term unemployment can easily lead to long-term unemployment, as workers’ skills “erode,” and certain skill-sets become economically obsolete.