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Obama: Jobs Increase in October 'Encouraging' but There's a Long Way to Go

1 year ago
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The unemployment rate stayed stuck for a third straight month at 9.6 percent in October, but President Obama highlighted a glimmer of good news on Friday: Employers added 151,000 jobs, the most since May.

In a statement at the White House before leaving on a 10-day Asian trip, the president hailed the job growth report as "some encouraging news" but said joblessness "is still unacceptably high and we've got a lot of work to do."

Private companies hired 159,000 new people last month, the Labor Department announced, enough to show a gain in non-farm jobs even after subtracting the 8,000 government positions lost. It marked the first net growth in employment in five months. The federal agency also revised upward payroll figures for August and September, the AP said, reporting that 103,000 more jobs were on the books than previously estimated.

The economy got a potential shot in the arm Wednesday when the Federal Reserve said it would buy $600 billion in Treasury bonds in a bid to lower interest rates on mortgages and other loans.

President Obama Obama highlighted the improving job creation numbers, and he vowed to "keep fighting for every job, for every new business, for every opportunity to get this economy moving." Since January, he said the private sector has added 1.1 million jobs.

But about 14.8 million Americans remain unemployed this fall. Economists generally say job growth in the range of 200,000 per month is needed to turn things around.

Obama, in an apparent gesture to Republicans, said he is "open to any idea, any proposal, any way we can get the economy growing faster so that people who need work and find it faster."

Looking ahead to his foreign trip, he said major competition in coming years will "not be between Democrats and Republicans. It's the competition with countries around the world to lead the global economy. . . . Our future depends on putting politics aside to solve problems, to worry about the next generation instead of the next election."
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9 Comments

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mullermugs32

The report states we lost 7,000 more manufacturing jobs. We added temp jobs? How does this help?

November 06 2010 at 12:17 PM Report abuse rate up rate down Reply
malilluminated@mac.com

so that people who need work and find it faster... Should be "can find it"... I'm assuming.

November 06 2010 at 3:13 AM Report abuse rate up rate down Reply
truthforfreedom

The same words he uses every month. Still a long way to go. Yeah, right out the door in 2012. The Democrats will try to sneak in tax hikes, dangerous treaties, government power during this lame duck session, so remember keep your newly elected official accountable by reminding them your watching. The dems could cause more havoc and mischief now very easily.

November 05 2010 at 6:43 PM Report abuse +1 rate up rate down Reply
catalogsplus

I live in a large city and I have seen no improvement. The job shortage remains just as staggering today. I believe the counters are still using a lot of fuzzy math to show phony improvements again.

November 05 2010 at 2:31 PM Report abuse +4 rate up rate down Reply
traderclyde1

Well now, if I didn’t write the script, I never believe it! But in 1980 in Switzerland I listen to a senior official of Japanese government tell the audience how it intend to take over the world using tactics which it has learned so well and has parted them to China and Korea. 1. Make certain the US keep borrowing money, because they will deliver to us (The Asian) the market so we can fund their debt. Trade agreements that so unfair to American companies that make one’s heart bleed. ( example In Korea they can produce 800,000 cars for US market, where USA are only allowed 30,000 cars) Do you idiots now understand why don’t have jobs! 2. Have the American argue about "edge" issue so they will distracted about their policies of unfair, dumping cheap TV, electronics, Solar panels, iron, and other items by using "offset marketing pricing" Offset marketing pricing is where you sell your good at higher price in your country, and dump the good in US market at lower cost. The cost differential allows you making difference in profits. 3. You make certain the current medical cost born by Americans are in place, so that 30% cost differential doesn't change. Hence, the Asian companies can offer free medical services by their government and US companies will have borne the total cost. Thus impact our balances sheets and income statements by 30%. 4. You make certain you the unequal tax system is in place with idea somehow tax credits allow for building job when in reality, tax credits which are not tied to economical incentives like investing in US will tube the country. A tax system where wealth individuals, like me, pay less than a secretary, shame on us. Only thing tax credits gives now are larger potholes in the street, a growing national debt and uneducated kids. I am proud and honored to pay higher taxes to country that allowed me to become a millionaire. Joe the Pumper is selfish man!! 5. Shape American opinions by using "FAD" fear, uncertainty, and deception by owning most of advertising and major newspapers and TV stations like FOX New which owned by Japanese and Korean banks. 6. Tell us and shape our opinions by announcing there is a new world of economics and US can’t compete with “cheap Labor.” But in actuality, with the proper mixture of automation our companies can be competitive. What a script adopted by political leaders of both parties who have bent to kiss the feet of our foreign suppressers, and watch the fall of America.

November 05 2010 at 12:28 PM Report abuse +3 rate up rate down Reply
RICHARD BONNET

Jobs would increase in the United States if we stop importing all the "CRAP" From China. When will America wake up and stop buying their junk.They do not know what quality control is all about. All the junk that is sold in the Dollar stores is finding it's way to the top department stores.This includes all the toys made with lead paint,the clothes that fall apart after a few loads in the washing machines,tools that fall apart and break. We should avoid all products that are made in China and go back to buying products that are made in the USA

November 05 2010 at 12:24 PM Report abuse +3 rate up rate down Reply
mullermugs32

temp jobs for the holidays, restaraunt jobs are not the answer as the report highlights 7,000 manufacturing jobs are lost.

November 05 2010 at 12:22 PM Report abuse +4 rate up rate down Reply
dc walker

Business knew by the polls that the Dems were on their way out....

November 05 2010 at 12:10 PM Report abuse +2 rate up rate down Reply
pianomanref

Maybe Obama just hasn't communicated this message well enough. Those dense employers just haven't gotten it yet.

November 05 2010 at 11:26 AM Report abuse +5 rate up rate down Reply
polishparalt

And what is good about the Fed dumping $600 Billion more into the system? The actual term is called "monetizing debt" and quickly leads to inflation. All that's happened is the debt is moved from the Treasury to the Fed is all. Lower mortgages and interest rates don't mean squat if no one is working and can't get loans to buy things. It also means that any money in CD's or traditional savings accounts gets an interest return of about zero at this point. So, now the printing presses are cranking out dollar bills as fast as they can, and nothing to back it up with. Prices are already going up on everything, and now were going to inflate that? Wake up! Bernanke is one of the knuckleheads that created this mess in the first place! This is the same guy who in June, 2009 assured Congress that the Fed would not monitize the debt. The end of the line is almost here.....

November 05 2010 at 10:54 AM Report abuse +2 rate up rate down Reply

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