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.

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Filed under: Candidate Barack Obama • Economy
soundoff (389 Responses)
  1. prettygirl83

    I am so happy that Obama/ Biden won last. I feel so full of pride that our country was smart enough as a whole to do the right thing by making Obama the president. It is time for change. As he said himself, it has been a long time coming. We as people need to work together so that he can be a successful leader for our country. I am so proud to be an american today. We have a long way to, but " yes we can!!!!" It's not a about race anymore, it should have never been about race, that's so petty. I live in Texas, and racism still exists very strong here, and I hope that one day that will change. It's senseless... Congrats to Obama/ Biden. I am so proud of the both of you!!!! God Bless You!!!

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

    When the unemployment rate hits 7%, next year.., we will know that Obama has completely failed to act on his campaign promises..

    November 5, 2008 02:04 pm at 2:04 pm |
  3. Joe

    I keep hearing all the dems in my office say how having Obama will change the economy and fix America. I don't see that happening. The Democrats have had control of the Congress for the last 2 years and look at where we are now. The bottom line is big business owns American politics, and has for some time. With a few minor changes it's going to be business as usual.

    November 5, 2008 02:04 pm at 2:04 pm |
  4. stacy

    I guess we can all sit back and see just how much he can do.

    November 5, 2008 02:05 pm at 2:05 pm |
  5. Mark

    In my small company no raises and bonuses as direct win of Obama.

    November 5, 2008 02:06 pm at 2:06 pm |
  6. Mark

    In my company no raises and/or bonuses..

    November 5, 2008 02:06 pm at 2:06 pm |
  7. joe

    You cant blame Obama for Bush's mess.

    November 5, 2008 02:06 pm at 2:06 pm |
  8. IntelligenceOverPandering

    Bush seemed to have no problem shedding jobs, Obama is just looking at this wrong.

    November 5, 2008 02:06 pm at 2:06 pm |
  9. xcusme

    It took more than one day to lose all of these jobs. It's going to take more than one day to create them. Patience is a virture.

    November 5, 2008 02:06 pm at 2:06 pm |
  10. Alex in DC

    I heard today that our company is going to layoff people next week. I don't know if it has anything to do with the Election, but my company is not partisan and maybe just views that the economy is going to get worse and not better.

    November 5, 2008 02:07 pm at 2:07 pm |
  11. SmallTownGirl

    At first I was totally against Obama being our president. For the simple, obvious reasons... But now, regardless of his race or whatever, I have forced myself to believe he WILL actually help America and bring us all together as a country. Lowering taxes sounds all fine and great; but I think there's more things to be done first... As in fuel prices, jobs, homes, schools, etc. I just hope he holds to his "promises"!

    November 5, 2008 02:07 pm at 2:07 pm |
  12. Terry, Dallas Texas

    You have to start somewhere and what we were doing was not working. We have nowhere to go but up.

    November 5, 2008 02:07 pm at 2:07 pm |
  13. Brian from Fort Mill, SC

    The reason we have lost so many jobs is that they were outsourced. Entire towns have become virtual ghost towns because of this.

    We can't get those jobs back, so we will need new manufacturing jobs. Hopefully he can do this with "green collar" jobs. I don't know if it will work, but I'm willing to give him a chance.

    November 5, 2008 02:08 pm at 2:08 pm |
  14. PDX Gal

    Such a MESS to clean up!! It will be many moons and many changes before I trust another republican.

    November 5, 2008 02:08 pm at 2:08 pm |
  15. Mike, Cleveland, Ohio

    RealityKing

    This is not a result of Obama's win, these economic problems started several months ago, so get over your hatred/partisanship. We still need bipartisanship to move this country forward and you don't help the situation.

    November 5, 2008 02:08 pm at 2:08 pm |
  16. Marissa

    Ridiculous. What kind of incompetent business person would make a decision like cutting jobs in response to hypothetical tax increases under a new administration that doesn't even take office till January? And how long after that would tthese supposed tax increases take to go into effect? And then a whole fiscal year before you had to pay? Good grief. Get a grip, Chicken Little. I own my own successful business and look forward to being able to provide my employees with the benefits they need. It's called "enlightened self-interest". Something we've been short on lately.

    November 5, 2008 02:08 pm at 2:08 pm |
  17. gus

    my employer has a had a hiring freeze for over a year thanks in part to the bush adminstrations failures. also there will be an estimated 700 lay-offs in the coming months. i personally have been laid off twice in the past eight years, again thanks to george bush. i applaud the end of his reign of terror.

    November 5, 2008 02:09 pm at 2:09 pm |
  18. Andy J, NY

    Oh, come on! Obama will save America.

    In fact, I'll agree with Charlie Rangel- Obama will save the world!

    did i mention mr. Rangel is in charge of writing the tax laws, yet failed to properly file his taxes?

    Where was Obama on that?

    Its going to be a great 4 years.

    November 5, 2008 02:09 pm at 2:09 pm |
  19. Ret. Iraq Vet

    If you did freeze hiring your not that smart the man hasnt even taken office yet. None of you Republicans have a clue whats going to happen. So stop trying to bring the guy down just because McCain lost. Get a clue!

    November 5, 2008 02:09 pm at 2:09 pm |
  20. sandee in Portland

    He certainly has a challenge ahead of him. I, however, think he is intelligent enough to succeed. That success willl not be evident immediately but in the years to come.

    November 5, 2008 02:10 pm at 2:10 pm |
  21. IronyMan

    He could provide funding for ACORN so they could hire thousands of people to register voters for 2012. You're for creating jobs, aren't you? What about his "civilian police force"; there are hundreds of thousands of jobs in that.

    November 5, 2008 02:10 pm at 2:10 pm |
  22. Dale

    Well, I'm sorry you feel that you need hold jobs back. There is no reason people like you or anyone else who makes more money should not have to pay more.. I make 28,000 a years and im taxed on almost 24% of my check. because companies like you think you deserve some break. Tax breaks should be given to hard working people. Not companies that make millions. They can afford that, now maybe you arent making millions, but your also not hurting either, and if you are hurtin maybe you should think about future regardless of who is pres.

    November 5, 2008 02:10 pm at 2:10 pm |
  23. Tre'

    I don't got a job now cause of bush's economy. I'm about to loose my home. I ain't got no money to put gas in my car. When is obama gonna give me the income tax back so I can afford to feed my kids? I hope he makes it backwards so I can get money for the hard times now. I am so happy he's in office.

    November 5, 2008 02:10 pm at 2:10 pm |
  24. Mike, Cleveland, Ohio

    Selling stock in a recession, hey that is great now I can pick them up real cheap and reap the profits when economy picks up in few years, thanks for the heads up Tony, NC

    November 5, 2008 02:10 pm at 2:10 pm |
  25. Real Talk

    He will handle it with a calm and steady hand, and America will prevail.

    November 5, 2008 02:10 pm at 2:10 pm |
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