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Washington reacts to disturbing jobs outlook

November 10, 2008 by  

Bush comments on job lossesAn increasingly disturbing employment outlook is contributing to concerns about the long-term prospects for economic recovery.

New statistics from the Bureau of Labor Statistics indicate that national unemployment stands at 6.5 percent, up from 6.1 percent in September.

This represents a loss of 240,000 jobs in October, and follows 284,000 lost jobs in September and 127,000 in August. Many of these losses took place in industries like construction, manufacturing and service, while the BLS noted that health care and mining continued to grow. A total of 1.2 million jobs have vanished nationwide in 2008.

Labor Secretary Elaine Chao was optimistic for the long term, saying that "it will take time" for the recent $700 billion stimulus package to positively impact the labor market.

President Bush tried to emphasize long term recovery prospects in light of the new figures. "The market for lending between banks has loosened considerably, and the Federal Reserve’s efforts to stabilize the commercial paper market have provided businesses with an urgently needed source of financing," said Bush.

The Associated Press also noted that House Democrats are likely to soon call for an additional $100 billion stimulus plan that could include public works funds to aid job creation.
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  • Bob Livingston

    This is likely to get a lot worse before it gets better, folks.  I would not be surprised to see unemployment closer to 10% before we start to see any reversal on these stats.  No matter what the government does for ‘bailouts’… Americans are scared.  This fear won’t disappate quickly and no amount of government intervention can change that.  –Bob.

  • s c mailen, jr.

    People MUST understand that anything that makes government bigger or more powerful is BAD for America. Those who are still in deep denial must see that OUR government is at the heart of our problems. Why would any sane ‘leaders’ choose to repeat history?
    Americans have to pay for this mess – literally. We need another Lincoln. This time it will be necessary to free ALL of us. This new slavery is economic, and those who forced it on us are as evil as King George. We need Washingtons and Jeffersons and Paines and Lincolns. Career politicians need not apply.

  • EJB

    Obama and congress, are Americas worst enemies right now..I didn’t say the United States, deliberately..We haven’t had united states, since before the civil war, and we still don’t have united states…Our constitutions of America has been violated and disreguarded so many times, since obama got in, that people should be screeming as loud as they can..IMPEACH obama and CONGRESS, and prosecute them for treason against America and the American people..obama has given direct order to or immigration law enforcement, not to inforce our immigration laws…Is THAT the leader of our country??????

  • Keith The Coolest

    Never let a Crisis go to waste. I will have to agree with Bob Livingston,SC Mailen Jr and EJB. I believe the governments plan is to keep us in constant crisis so we depend upon them. The Presidents and Congress create problems so the people have to turn to them to try to fix it and the problems perpetuate. This is how our government Rolls. Like P.J. O’Rourke said “Giving Money and Power to government is like giving whiskey and car keys to teenage boys.” Excuse any misquote this quote is from memory.

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