White House: Economic recovery 'gaining traction'
WASHINGTON (AP) - The White House says the falling unemployment rate is evidence that the economic recovery is "gaining traction."
The jobless rate dropped to 7.7 percent last month, the lowest level since President Barack Obama has been in office. A burst of hiring last month added 236,000 U.S. jobs.
Still, White House economist Alan Krueger noted in a statement Friday that the new unemployment rate was measured before $85 billion in automatic budget cuts started taking effect. The administration has warned that the cuts could have a negative impact on employment and economic growth.
Krueger says the administration is urging Congress to move toward a "sustainable federal budget" by closing tax loopholes, enacting entitlement reforms and cutting spending.
The jobless rate dropped to 7.7 percent last month, the lowest level since President Barack Obama has been in office. A burst of hiring last month added 236,000 U.S. jobs.
Still, White House economist Alan Krueger noted in a statement Friday that the new unemployment rate was measured before $85 billion in automatic budget cuts started taking effect. The administration has warned that the cuts could have a negative impact on employment and economic growth.
Krueger says the administration is urging Congress to move toward a "sustainable federal budget" by closing tax loopholes, enacting entitlement reforms and cutting spending.
Increased hiring......? barely... not enough to match even the people that drop of the list of "being counted'
Lower Unemployment.....? Another fudged fact....brought to you by the people who don't count Food and Gas... in the inflation category, they are the ones promoting this garbage
Stock Market.....? Ben the Fed Bernie is pumping about 90 billion a month, in Monopoly money... which is why the Feds who don't count food and gas as inflation ...
If your excited about this, wait till obamacare destroys what is left of the job market.... Idiots.. and the Idiots who support the Idiots
how long before republicans try to spin the hiring reports into something negative 3, 2, 1....Â
Bam!!!
@sunnysandiego Thats what I thought, not one piece of evidence other then parroting the media.Â
The only US families that could possibly be this disconnected from the realities that US families are struggling with, would either be independently wealthy families or, families on welfare. Which family is yours sunny? I think I understand now.
I certainly dont count myself among republicans but, how long have the right wing dems been spinning a US recovery?Â
Officially, since June 2009 the US economy has been undergoing an economic recovery from the December 2007 recession. But where is this recovery? I cannot find it, and neither can millions of unemployed American families
The recovery only exists in the measure of REAL GDP, which is deflated by a grossly understated rate of inflation, and an equally gross understated measure of unemployment which is only declining because it doesn't count the discouraged job hunters but counts the 100s of thousand of foreign engineers that come here and are trained by our engineers and ultimately replace the same US workers that trained them while 63%% of the engineers coming out of college cant find work even at Jack in the Box. I hope this isnt the recovery you're trying to spin!
I challenge you to provide any meaningful data that would provide evidence or proof to indicate this 4 years of recovery has taken place at all. Retail sales are down, housing starts are down still, consumer confidence in the gutter, payrolls down, wage rates down, droves of people living under bridges. etc,etc, The FEDS monetary policy of bond purchases to maintain negative real interest continues 4 years into a recovery? Of course the reason for the manipulated interest rates is not to boost the economy but to boost asset values on the books of banks considered too big to fail.
Why is the workforce participation rate at its lowest in history except for last August when it was even lower? Wall St may be recovered but, thats it.
Any economist that believes in the concept of  the "Magic Multiplier" should be fired.
MagicMultiplier: The concept where Government spending money is more valuable than you spending your money.
All Keynesians should be fired. Especially those without Keynesian passports, including the President.
Ugh. 2 months into the second term and I'm already tired of seeing his face.