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- October 7, 2011

The Economy Remains On The Brink Of Recession And Far Away From The Velocity Needed To Escape The Failure Of Obamanomics

OBAMA’S ECONOMIC DOLDRUMS DRAG ON FOR MILLIONS OF UNEMPLOYED WORKERS LEFT BEHIND BY HIS FAILED POLICIES

Bureau Of Labor Statistics: “The Number Of Unemployed Persons, At 14.0 Million, Was Essentially Unchanged In September, And The Unemployment Rate Was 9.1 Percent.” (Bureau Of Labor Statistics, “The Employment Situation -September 2011,” BLS.gov, 10/7/11)

  • “Since April, The Rate Has Held In A Narrow Range From 9.0 To 9.2 Percent.” (Bureau Of Labor Statistics, “The Employment Situation -September 2011,” BLS.gov, 10/7/11)
  • The Associated Press:  “Nearly 4.5 million people have been unemployed for more than year. That’s equal to about one-third of the total unemployed — a record.” (“Employers Added 103,000 Jobs In September; Unemployment Rate Remains 9.1 Percent,” The Associated Press, 10/7/11)

Diane Swonk, Chief Economist For Mesirow Financial: “We need more than this but we’ve lowered our expectations so low that the hurdles are easier to clear.” (CNBC’s “Squawk Box,” 10/7/11)

  • Swonk: “It's not enough to erase the risk of recession, particularly if Europe goes down.” (CNBC’s “Squawk Box,” 10/7/11)

The Real Unemployment Rate, Including Those Working Part-Time For Economic Reasons, Reached A 2011 High Of 16.5 Percent. (Bureau Of Labor Statistics, BLS.gov, Accessed 10/7/11)

  • The Number Of Workers Employed Part-Time For Economic Reasons Jumped By 444,000 To 9.3 Million Workers. (Bureau Of Labor Statistics, BLS.gov, Accessed 10/7/11)
  • There Are Now 23.3 Million Workers Either Unemployed Or Working Part-Time For Economic Reasons. (Bureau Of Labor Statistics, BLS.gov, Accessed 10/7/11)

America Has A “Serious Issue Of Long-Term Unemployment”

CNBC’s Steve Liesman: “We still have, no matter what these numbers say, a serious issue of long term unemployment in the country.” (CNBC’s “Squawk Box,” 10/7/11)

The Average Number Of Weeks It Takes To Find A Job Increased To A Record 40.5 Weeks. (Bureau Of Labor Statistics, BLS.gov, Accessed 10/7/11)

The Number Of Workers Unemployed For 27 Weeks Or Longer Increased By 208,000 To 6.2 Million Workers. (Bureau Of Labor Statistics, BLS.gov, Accessed 10/7/11)

  • The Long-Term Unemployed Now Account For 44.6 Percent Of The Unemployed. (Bureau Of Labor Statistics, BLS.gov, Accessed 10/7/11)
  • The Associated Press:  “Nearly 4.5 million people have been unemployed for more than year. That’s equal to about one-third of the total unemployed — a record.” (“Employers Added 103,000 Jobs In September; Unemployment Rate Remains 9.1 Percent,” The Associated Press, 10/7/11)

                              A YEAR AGO, OBAMA SAID THAT THE ONLY ECONOMIC NEWS PEOPLE ARE LOOKING FOR IS TO HEAR “YOU’RE HIRED” – 14 MILLION AMERICANS ARE STILL WAITING

President Obama After The October 2010 Jobs Report: “As I've Said Before, The Only Piece Of Economic News That Folks Still Looking For Work Want To Hear Is, ‘You're Hired.’” (President Barack Obama, Remarks At Ernest Maier Inc., Bladensburg, MD, 10/8/10)

  • The White House Predicts That Unemployment Will Remain Above Nine Percent Through 2012. “In an effort to take into consideration changes in the economic climate that have occurred since June (turmoil in Europe, natural disasters domestically, etc....) OMB offers an "alternative economic forecast" along with the Mid-Session Review. Under that model, the unemployment rate takes even longer to decline, going from 9.0 percent in 2012, to 8.5 percent in 2013 to 7.8 percent in 2014. In 2016 it hits 6.1 percent.” (Sam Stein, “White House Report: Unemployment Rate Above 6 Percent Until 2016,” The Huffington Post, 9/1/11)

Since President Obama Took Office, The Nation Has Lost 2.2 Million Jobs And The Unemployment Rate Has Increased From 7.8 Percent To 9.1 Percent. (Bureau Of Labor Statistics, BLS.gov, Accessed 10/7/11)

Since President Obama’s $825 Billion Stimulus Bill Passed, The Nation Has Lost 1.5 Million Jobs And The Unemployment Rate Has Increased From 8.2 Percent To 9.1 Percent. (Bureau Of Labor Statistics, BLS.gov, Accessed 10/7/11)

Economic Growth Is “Too Slow To Make A Dent In The High Unemployment Rate.” “And while third-quarter growth is expected to top a 2 percent annualized pace, that is still too slow to make a dent in the high unemployment rate. The economy needs to grow by at least a 2.5 percent rate, with payrolls expanding by 150,000 positions a month, to keep the jobless rate from rising.” (Lucia Mutikani, “Nonfarm Payrolls Rise In September, Jobless Rate Steady,” Reuters, 10/7/11)

Job Growth Remains “Far Too Slow To Bring Down The High Unemployment Rate.” “U.S. businesses hired more workers in September than August, according to a report Wednesday, but the growth remained far too slow to bring down the high unemployment rate. In further worrying signs for the labor market, separate reports Wednesday showed that layoffs surged in September and that services businesses aren't hiring more workers despite the sector's relatively strong growth.” (Ben Casselman, “Labor Reports Indicate No End To Jobs Worries,” The Wall Street Journal, 10/6/11)

Pace Of Growth Is “Well Below What’s Needed” To Reduce Unemployment. “But the pace of job growth remains well below what’s needed to bring down the unemployment rate, which remained steady at 9.1% in September for the third straight month, according to a separate survey of 60,000 households.” (Greg Robb, “September Data Show Improvement In Jobs Market,” Market Watch, 10/7/11)


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