President signing the JOBS bill
Recent employment stats.
With the latest ‘casualty’ in the GOP race, President Barack Obama can now focus on his potential opponent – the nominee apparent, Mitt Romney. Still as president, he has to run the country and his main focus domestically is the economy, jobs, jobs and jobs. According to the economists, the economy is improving, not as fast as the administration would like it to, but it is heading in the right direction … somewhat. Too many are unemployed or under-employed; too many are in foreclosure; and without the former, the latter becomes impossible.
This week at the Florida Atlantic University, the President spoke about the economy and these are some the excerpts from his speech:
” … So let me you ask you: what’s a better way to make our economy stronger? Giving another $150,000 tax break to every millionaire and billionaire in the country? Or making investments in education and research and health care and our veterans?
“Right now, the share of our national income flowing to the top 1% has climbed to levels last seen in the 1920s. And yet those same people are also paying taxes at one of the lowest rates in 50 years. You might have heard this, but Warren Buffett is paying a lower tax rate than his secretary.
“That’s wrong. It isn’t fair. And it’s time for us to choose which direction we want to go in as a country. Do we want to keep giving tax breaks to the wealthiest Americans like me, or Warren Buffett, or Bill Gates – people who don’t need them and never asked for them? Or do we want to keep investing in things that will grow our economy and keep us secure? That’s the choice … ”
The chairman of the Council of Economic Advisers (the President’s ‘go-to’ person on the economy) issued the following statement in part on the employment situation in March. (The economy and employment go hand-in-hand; they are the proverbial two sides of the same coin).
” … There is more work to be done, but today’s employment report provides further evidence that the economy is continuing to recover from the worst economic downturn since the Great Depression. It is critical that we continue to make smart investments that strengthen our economy and lay a foundation for long-term middle class job growth so we can continue to dig our way out of the deep hole that was caused by the severe recession that began at the end of 2007.
“Employer payrolls increased by 121,000 jobs in March, according to the Bureau of Labor Statistics’ establishment survey. The unemployment rate ticked down to 8.2% in March, according to the household survey. However, employment was virtually unchanged in the household survey …”
Understanding that this is an election year, the pressure is on to make the economy and the employment situation palatable to the American people. However, the above is just a ‘stats’ for one month (March 2012) and the Administration stresses every month, that the monthly employment and unemployment figures can be volatile, and employment estimates can be subject to substantial revision.
Therefore, it is important not to read too much into any one monthly report, and it is helpful to consider each report in the context of other data that are becoming available.