The June Jobs Report–FAR Worse Than Expected

July 8th, 2011 at 8:41 am

The June jobs report reveals a much more serious job creation problem in this country than most policy makers realized.  Over the past two months, job creation has essentially ground to a halt, with 25,000 jobs added in May and 18,000 in June.  The unemployment rate, now 9.2%, is climbing.

Washington needs to quickly and aggressively shift from its long-term debt obsession to the much more immediate jobs problem.

To do otherwise at this point would be deeply irresponsible.

Much more to come throughout the day, including Chad Stone’s detailed analysis, at cbpp.org.

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7 comments in reply to "The June Jobs Report–FAR Worse Than Expected"

  1. D. C. Sessions says:

    Anyone offering odds against the Administration will double down on “immediate austerity is the only thing that can produce the jobs that the American people need?”

    I’m thinking it’s slightly more than even money that that’s how it’ll fall out.


    • foosion says:

      Obama – what can we do on jobs
      – a million construction workers out of work. rebuild infrastructure
      – give entrepreneurs opportunity to move to market faster by streamlining patent process
      – trade agreements, supporting thousands of jobs
      – middle class needs security of knowing tax cut will last
      – must rein in deficits and raise debt ceiling. businesses need more certainty to grow and hire, need more confidence

      At least he didn’t lead with austerity, but no mention of businesses not hiring due to lack of customers


  2. foosion says:

    After hearing Obama talking about the need for deficit reduction and Gene Sperling’s arguments for the austerity fairy, the odds of a useful pivot seem to be zero.

    JB, you worked with these people for years. I can only assume that you and Summers, Roemer and Orszag argued for rational economics policies. How did we get to the point that the president is arguing for slashing spending under these conditions, and piling on with plans to effectively cut social security, medicare and medicaid?


    • D. C. Sessions says:

      How did we get to the point that the president is arguing for slashing spending under these conditions, and piling on with plans to effectively cut social security, medicare and medicaid?

      Because history really does rhyme? Just because 1937 didn’t work out the first time is no reason to not give it a second chance.


  3. ballawana13 says:

    I don’t understand how the jobs report is FAR worse than expected. Who expected an improvement and who expected something different?

    The jobs picture is horrible, has been since the first “stimulus” and nothing this administration has proposed has or will help create jobs other than the many government jobs that have been added. The latest focus on the debt ceiling is a red herring. The government will not default if they don’t change the ceiling but they do need to address the budget. No new spending of taxpayer dollars will be a great start to helping with jobs.


  4. Virgil Bierschwale says:

    Unemployment is 23 percent.
    There are 192 Million people in the European Union and the United States going through this.


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