Posts

Showing posts from January 11, 2010

It doesn't look good for jobs - and for Obama

Business Times - 12 Jan 2010


It doesn't look good for jobs - and for Obama

A weak job market is slowing the momentum of the economic recovery

By LEON HADAR
WASHINGTON CORRESPONDENT

FIRST, let us go to the bad news: the US Labor Department report issued on Friday indicated that with 85,000 jobs lost last month, the American jobless rate was unchanged at 10 per cent in December. These numbers have disappointed Obama administration officials and some economists who had expected fewer losses of about 10,000, with optimists predicting a slight growth in employment.

US officials have tried to spin the depressing news as not-so-bad news, suggesting that taking into consideration the job growth in November - according to revised figures, 4,000 jobs were added in that month - points to a process of 'stabilisation' of the American economy.

'Today's employment report, though a setback from November, is consistent with the gradual labour market stabilisation we have been seeing…