Friday, July 8, 2011

Unemployment Rises to 9.2%, But Team Obama Doesn't Think You Care

The unemployment rate unexpectedly climbed for 9.1% to 9.2% in June.
U.S. employment growth ground to a halt in June, with employers hiring the fewest number of workers in nine months, dampening hopes the economy was on the cusp of regaining momentum after stumbling in recent months.

Nonfarm payrolls rose only 18,000, the weakest reading since September, the Labor Department said on Friday, well below economists' expectations for a 90,000 rise.

Many economists raised their forecasts on Thursday after a stronger-than-expected reading on U.S. private hiring from payrolls processor ADP, and they expected gains of anywhere between 125,000 and 175,000.
The unemployment rate climbed to 9.2 percent, the highest since December, from 9.1 percent in May.
President Obama's top political adviser thinks concern over unemployment is all Republican politics. He doesn't think the average voter cares if they, their family or friends have a job. 
Bloomberg — The White House’s top political adviser, downplaying the significance of the unemployment rate in the 2012 election, said the Republican candidates are offering the same policies that caused the economic crisis and targeted one potential opponent — Mitt Romney.

“So all of them are basically just bringing out the same old war horses,” senior adviser David Plouffe said yesterday at a Bloomberg Breakfast in Washington. “Let Wall Street kind of run amok, cut taxes for the wealthy, starve investment in things like education, research and development.”

Plouffe, who ran Obama’s 2008 presidential campaign, previewed the arguments the president and his team will sound 16 months before an election that could be a referendum on Obama’s handling of the economy. While history has shown the unemployment rate to be a leading indicator of an incumbent’s success, Plouffe said Americans won’t base their votes on it.

“The average American does not view the economy through the prism of GDP or unemployment rates or even monthly jobs numbers,” Plouffe said. “People won’t vote based on the unemployment rate, they’re going to vote based on: ‘How do I feel about my own situation? Do I believe the president makes decisions based on me and my family?’”

1 comment:

Interested Bystander said...

Hey All,

What else do you expect when you have our Government buying financial institutions, car makers, regulating small business out of existence, threatening even more tax increases, and the fact that in the next two years Obamacare will be fully in place?

Not the best environment for job growth, at least in the opinion of people who can actually think for themselves, and don't buy the Government's line of BS.