New GDP Numbers Show Slowed Rate Of Growth

According to statistics released Friday by the U.S. Department of Commerce, the nation’s Gross Domestic Product (GDP) grew at a rate of 3.2% during the first quarter of this year. Yet while some are celebrating the news, the figure represents a drop-off since the last quarter of 2009, when real GDP increased 5.6%. Still, President Barack Obama struck an upbeat tone when he addressed reporters in the White House Rose Garden this morning.

“What this number means is that our economy, as a whole, is in a much better place than it was one year ago...We’re heading in the right direction, we’re moving forward. Our economy is stronger, that economic heartbeat is stronger,” he said, flanked by a pair of CEO’s of clean energy companies who have been able to increase domestic payroll thanks to Recovery Act awards.

In reality, however, the statistics show the country’s economy remains in less-than great shape. During the early months of 2010 businesses built up inventories at a slower rate than the previous quarter, national exports decelerated and housing sales remained sluggish. In addition, prices of goods increased slightly while personal real income levels flat lined. Although consumer spending increased, some experts attribute this uptick to the fact that many Americans who filed taxes early capitalized on their returns.

Based on today’s numbers, the economic forecast for the future isn’t too bright, said Peter Morici, an economist and professor at the University of Maryland’s Robert Smith School of Business.

“Although the inventory rebuild has begun, the pace is slow reflecting tepid sustainable demand for U.S. goods and services...Looking ahead, data are not encouraging. After such a long and damaging recession, we should expect several quarters of 5 percent growth but poor and mistargeted economic policies will force Americans to settle for less.”

Texas Republican Accuses Obama Of Missing Important Stimulus Benchmark

By Justine Rellosa- Talk Radio News Service

On the eve of the release of new unemployment data, Rep. Kevin Brady (R-Texas), who serves as the senior House Republican on the Joint Economic Committee, criticized President Barack Obama Thursday for failing to adequately revive the employment situation in the private sector through the Recovery Act.

"9% of ... job loss has been in the private sectors," said Brady during a telephone conference with reporters. "The only jobs that have [been] gained have been in the government sector."

Brady noted nearly 4 million private sectore jobs have been lost since the passage of the Recovery Act.

Obama Optimistic Over Future Of U.S. Employment, Despite Disappointing New Data

President Barack Obama responded optimistically Friday to newly released data showing a drop in jobs between November and December.

“The job losses for the last quarter of 2009 were one-tenth of what we were experiencing in the first quarter,” Obama said. “The overall trend of job loss is still pointing in the right direction.”

Friday’s data, compiled by the Department of Labor, shows that the nation’s unemployment rate remained at 10% in December, with a 85,000 jobs lost since the prior month.

Troubled Communities Need More Assistance, Says Congressional Black Caucus

By Leah Valencia, University of New Mexico- Talk Radio News Service

The Congressional Black Caucus (CBC) called on President Barack Obama and Congressional leaders Friday to prioritize communities that have been hardest hit in any job creation package.

The caucus released a letter Friday addressed to Obama and House leadership that suggests allocating 10 percent of job creation spending to predominantly black and latino communities, or communities that have been most deeply effected by unemployment.

“The African American community has been targeted with the lack of opportunities based on geography,” said CBC Jobs Task Force Chair Rep. Emmanuel Cleaver (D-Mo.). “It seems all together reasonable to target that same community.”

CBC Chair Rep. Barbara Lee (D-Calif.) said that specific language needs to be added to any jobs package to ensure that communities that need the most assistance will receive it.

“It is important to clarify this issue and make sure it is know that our concern is not based on the foundation or race,” Rep. David Scott (D-Ga.) “It is based on the foundation of need.”

The caucus did not comment as to whether it would vote against a jobs package that did not include the provisions they are pushing for.

Unemployment Makes Small Drop To 10 Percent In November

November’s unemployment rate was 10 percent, a slight decrease from October’s 10.2 percent, the Labor Department’s Bureau of Labor Statistics reported Friday.

The newly released data shows a rise in employment in the health care industry and temporary help services along with job losses in construction, manufacturing and the information industry.

The Department reported few changes in the employment numbers for transportation and warehousing, financial activities, and leisure and hospitality.

15.4 million Americans are currently unemployed, more than twice the 7.5 million that were out of work when the recession began late 2007.