November 5th, 2008
01:49 PM ET
6 years ago

Obama will struggle to create jobs

Obama at an economic summit last month.
Obama at an economic summit last month.

NEW YORK (CNNMoney.com) – Here's the challenge facing President-elect Barack Obama as he weighs how to create more jobs: another half-million jobs likely will be lost between now and Inauguration Day.

That's not even counting the 200,000 jobs that economists believe employers trimmed last month, according to estimates from Briefing.com. The October jobs report will be released this Friday.

The unemployment rate is expected to climb to 6.3% from 6.1%, which would match the worst reading of the decade. And economists all seem to agree the worst is yet to come.

At some point next year the unemployment rate is forecast to pass 7%, a level not seen since 1993.

And the job losses of 200,000 or more a month are expected to be the norm, not the exception, in the coming months, as the full impact of the credit crisis is felt more keenly on Main Street.

Click here to read the rest of the story


Filed under: Candidate Barack Obama • Economy
soundoff (389 Responses)
  1. change is in the air

    new face, new ideas...that is a start!

    November 5, 2008 01:52 pm at 1:52 pm |
  2. sky

    Whatever struggle he faces....he will do it with honestly and sincerity and he will gather around him those people who can help him the most with that particular issue and he will rally those people and he will rally this nation....so that we are all working on it together, for the common good. So it may be difficult.....it will be hard....but atleast we will finally get the truth and an intelligent and thoughtful approach to solving it in a unified way. the recipe for success, real success, not cosmetic and superficial success.....is to begin with openess and the truth and then call in those people who can give the best advice.....steer them and guide them and include the people of your country in your decision. We are not adversaries....we are co-patriots.

    November 5, 2008 01:54 pm at 1:54 pm |
  3. Turner, GA

    Creating jobs is just one of hundreds of issues President Obama will face in his "clean-up" efforts. He'll need the support and patience of all Americans (the media included) while he does his job.

    November 5, 2008 01:54 pm at 1:54 pm |
  4. No Hillary = No Obama

    Obama will struggle. I think you should just keep that as the headline. This is a man of talk and words. Let's see him walk that talk. This I gotta see to believe.

    November 5, 2008 01:55 pm at 1:55 pm |
  5. Help Yourself Find Change

    Okay Barry ("create jobs"), time to try and make all those lies come true.

    Remember, "Change, Change, Change..."

    November 5, 2008 01:55 pm at 1:55 pm |
  6. Hemuda

    I know President Obama will come up with the best team of economists and strategists to fix our economy. I know road is tough for him but he has proved himself in tough times of his life.

    November 5, 2008 01:55 pm at 1:55 pm |
  7. RealityKing

    My small company of 35 employees put a freeze on hiring today. A direct response to Obama's win costing us more in tax dollars, not due to the current state of the economy...

    November 5, 2008 01:56 pm at 1:56 pm |
  8. Scott NYC Independent

    Cleaning up the Bush mess and the first 6 yaers of republican distruction will take time. Presient elect Obama has the cooperation of 98% of the country; he will surprise us with his insight and ability yet again. It has been 8 years since we have had a president much smater than the average American – we may have forgotten what its like. Not only will he be smart and thoughtful but I expect his cabinet to be as well. America and the world are about to learn once again what it is like to have intelligent brains in the White House. AND NO I DON'T WANT TO HAVE A BEER WITH ANY OF THEM

    November 5, 2008 01:57 pm at 1:57 pm |
  9. chris

    it wouldnt matter if you put a girl scout in the presidents seat right now.....a major depression is coming....and we have no one to blame but our greedy live beyond our means thinking......pretty soon, china will have its call centers here...paying people 5 bucks an hour.....

    November 5, 2008 01:57 pm at 1:57 pm |
  10. EMJ

    I have been at a company here in Chicago for ten years and have survived 5 rounds of layoffs during that time. Frankly I'm scared to death about what is probably coming when Qtr2 results come in and probably won't survive this round of cuts.

    November 5, 2008 01:57 pm at 1:57 pm |
  11. Marc PDX

    Nahhhh... Obama promised us everything (jimmy carter) and got elected because of it. I'm sure he'll deliver. And only the rich will have to pay for it. Perfect!

    November 5, 2008 01:58 pm at 1:58 pm |
  12. andrea from MA

    people have to be trained for the jobs of the future !!!!!!!! president obama knows that !!!!!!!!!!!!

    November 5, 2008 01:59 pm at 1:59 pm |
  13. Mike

    OPPS reality is setting in.

    November 5, 2008 01:59 pm at 1:59 pm |
  14. Debby

    Struggle is right tax away Obama and you will see more Am. jobs go bye bye overseas.

    November 5, 2008 01:59 pm at 1:59 pm |
  15. Less Formal

    Okay, to all of "us" non-Obama supporters, it's not President Obama, it's simply "Barry."

    November 5, 2008 02:00 pm at 2:00 pm |
  16. Lor

    Have Hope! As a united country with a new leader, we have the opportunity to move forward and fix this mess. America will prosper once again! Whether you voted for Obama or not, it is time to pull together for the sake of our country.

    November 5, 2008 02:00 pm at 2:00 pm |
  17. Karen

    I am very excited to see how Obama takes care of us. I've heard numerous people in my area (Detroit) saying how happy they are that they no longer have to work, pay bills or their mortgages. I can't wait for that either..

    Remember – when the government pays YOUR way, they also get to tell you how to live.

    November 5, 2008 02:00 pm at 2:00 pm |
  18. Rick

    The fact is that neither the President, nor Congress, creates jobs (or destroys them) – unless we're talking about government jobs. The kind of jobs that will provide real long-term benefit are those created by the private sector. Raising corporate taxes will not help in this effort

    November 5, 2008 02:00 pm at 2:00 pm |
  19. FreeNLovIt

    Yeah, the ELEPHANTS poisoned the WELL with greed, and corruption and stuffed TRILLIONS of debts down it.

    He must SWIFTLY, and AGGRESSIVELY move to FIGHT it. It is not a task for the faint-hearted.

    To save America, Obama must AGGRESSIVELY move. He must show up stamping policies left and right and KNOW what he needs to do IMMEDIATELY... Yeah, hit the gROUND running..

    He should have picked Hillary for VP

    November 5, 2008 02:01 pm at 2:01 pm |
  20. Tony, NC

    The senior writer for Money Magazine is recommending that we all sell our stocks that are not in a retirement account before the end of the year. Otherwise be hit by Obama's increase in capital gains next year. It's going to be a long year...

    November 5, 2008 02:01 pm at 2:01 pm |
  21. NO MORE TAXES

    Making excuses for his lack of experience and failed policy already. Obama will be remembered as great campaigner without the ability to make any positve change.

    November 5, 2008 02:02 pm at 2:02 pm |
  22. FreeNLovIt

    To RealityKing

    But if the economy grows, wouldnt you have more customers, therefore you can afford to pay your taxes?

    November 5, 2008 02:02 pm at 2:02 pm |
  23. therealist

    Socialism always has had a way of tamping out job creation. See Europe..

    November 5, 2008 02:03 pm at 2:03 pm |
  24. Eric

    If he fulfills what he said about a renewable energy economy then he will create jobs, rebound the economy, lower the trade deficit, and improve national/world security in one fell swoop!!! I was a loyal Obama supporter, and yes he got my vote, but we all need to keep reminding him that we elected him to get things done. I am hopeful he is a good man, but also fear he may be another gifted empty politician. Time will tell, and until it does ....

    GO OBAMA 2012!!!!!

    November 5, 2008 02:03 pm at 2:03 pm |
  25. Red State Republican

    President Obama has the nicest ring to it!

    November 5, 2008 02:03 pm at 2:03 pm |
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16