November 6th, 2009
10:38 AM ET
9 years ago

Romer: Jobs report shows signs of hope

(CNN) - Christina Romer, chair of the President's Council of Economic Advisors, released a statement Friday on the latest jobs report:

“Today’s employment report contained both signs of hope for recovery and painful evidence of continued labor market weakness.

Payroll employment declined 190,000 in October, continuing the steady trend of moderating job loss that began last spring. Furthermore, the employment loss in both August and September was revised down substantially. Importantly, employment in temporary help services, typically one of the first industries to see job gains, increased by 33,700. The motor vehicle industry also posted employment gains. These are hopeful signs that the unprecedented policy actions are working to stabilize the economy and put us on a path toward recovery.

The unemployment rate, however, rose four-tenths of a percentage point, to 10.2 percent. That this occurred despite the rise in real GDP last quarter reflects both the typical lag between GDP growth and unemployment decline, and the recent exceptional increases in productivity. Having the unemployment rate reach double-digits is a stark reminder of how much work remains to be done before American families see the job gains and reduced unemployment that they need and deserve.”

Filed under: Economy
soundoff (56 Responses)
  1. marion/alabama

    Romer is not worth discussing. She is in Obama's pocket so why are we asking her what she thinks?You know the answer before you ask the question,where is the sense in that?She thinks we are all stupid.The Fact is that the Cash for clunkers drove up the GDP,but that is over now and we are back to waiting on the Stimulis to create the 3-4 million jobs,Obama Promised.

    November 6, 2009 11:51 am at 11:51 am |
  2. Inabon Yunes

    That is how bad reps messed this up. And they want more? We ellected Obama to fix it, they did it in 8, he will fix it un 4

    November 6, 2009 12:00 pm at 12:00 pm |
  3. chubby

    Unemployment has now hit 10.2 percent and the real unemployment number is at least 15 percent if you count those that have given up finding a job and are now just staying home collecting unemployment benefits. How is CHANGE working out for you in the age of nobama?

    November 6, 2009 12:07 pm at 12:07 pm |
  4. lila

    The old saying "you get what you pay for" used to have some truth to it when gaging the underground economy. When you hired people not reporting the income you most often got labor that was not highly skilled.. and often the workers did not speak English. No longer! The underground economy is booming is large part because so many English speaking highly skilled labors have joined, You now can get top quality workers at half the price because companies are slow to hire. Again, the underground economy is booming. It's huge.

    November 6, 2009 12:07 pm at 12:07 pm |
  5. Joe in NJ

    Less people were laid off in October because there are less people working to be laid off. When 190,000 people are laid off, it is not a sign of hope. The WH will say anything to try and convince you that their failed stimulus is working.

    November 6, 2009 12:07 pm at 12:07 pm |
  6. Tony

    Created or saved? So far it looks like 3 million jobs were destroyed or not saved. Thank god congress passed than trillion dollar spendulus bill, immediate action was required to do absolutely nothing except line the pockets of pork barrelers and special interests. Time to stop all of this spend and tax BS being jammed down our throats. The Dems are the party of NO!! As in NO CLUE HOW TO RUN A GOVERNMENT IN AMERICA.

    November 6, 2009 12:10 pm at 12:10 pm |
1 2 3