Dems and GOPers push respective economic agendas in light of weak jobs numbers.
Austan Goolsbee: “Today’s numbers underscore the importance of extending expiring tax cuts for the middle class and unemployment insurance for those Americans who have lost their jobs.”
Rep. Cantor: “Congress should reassure job creators and investors by taking the impending tax hikes off the table.”
AFL’s Trumka: “We need to get serious about investing in job creation now and we need an immediate, one-year extension of jobless benefits.”
The Employment Situation in November
Posted by Austan Goolsbee on December 03, 2010 at 09:36 AM EST
Today’s employment report shows that private sector payrolls increased by 50,000 in November, lower than expectations, but continuing eleven consecutive months of private sector job growth. The pace was not enough to prevent the unemployment rate from climbing to 9.8 percent.
While the overall trend of economic data over the past two months has been encouraging, today’s numbers underscore the importance of extending expiring tax cuts for the middle class and unemployment insurance for those Americans who have lost their jobs. Failure to do this would jeopardize hundreds of thousands of additional jobs, and leave millions of Americans, who are out of work through no fault of their own, on their own.
In addition to the increase in November, the estimates of private sector job growth for September (now 112,000) and October (now 160,000) were revised up. Since last December, the economy has added 1.2 million private sector jobs. So far this quarter, including today’s revisions, private sector employers have added an average of 105,000 jobs per month.
Overall payroll employment rose by 39,000 last month. Among the sectors with the largest payroll employment growth were education and health services (+30,000) and temporary help services (+39,500). Retail trade (-28,100), manufacturing (-13,000), state and local government jobs (-13,000), and construction (-5,000) were among the sectors that subtracted from the total.
An unemployment rate of 9.8 percent is unacceptably high and we need to achieve robust employment growth in order to recover from the deep job losses that began over two years ago. Although the overall trajectory of the economy has improved dramatically over the past year, there will surely continue to be bumps in the road ahead such as this. The monthly employment and unemployment numbers are volatile and employment estimates are subject to substantial revision. Therefore, as the Administration always stresses, it is important not to read too much into any one monthly report.
It is essential that we take the additional targeted actions that the President has recommended to increase growth and job creation, such as extending tax cuts for the middle class, investing in our infrastructure, providing tax incentives to encourage businesses to invest and hire here at home, and promoting exports abroad.
Whip Cantor on the Latest Unemployment Report
Washington, D.C. – House Republican Whip Eric Cantor (R-VA) released the following statement today after the Department of Labor issued the November Unemployment Report.
“Today’s jobs report marks the 19th consecutive month in which unemployment has exceeded nine percent—an unacceptable result. We must do everything possible to bring that number down and get people back to work by ending the uncertainty that is plaguing the private sector. To start, Congress should reassure job creators and investors by taking the impending tax hikes off the table. I am hopeful that the negotiations between the Administration and Congressional leaders will result in legislation to ensure that tax rates will remain unchanged for the next several years. Political gimmicks — like yesterday’s vote in the lame-duck House – are emblematic of a dysfunctional Washington and a sad example of what millions of Americans profoundly rejected on election day. People want and deserve results, and Republicans will ensure – one way or the other – that no American has their taxes raised in this economic environment.
“The new Republican majority will be committed to changing the culture in Washington by cutting spending and stopping government overreach so our businesses can do what they do best – innovate, compete, and lead. We have been given a golden opportunity and we’re ready to start delivering results. We must return this country to the land of responsibility, opportunity and success.”
Statement by AFL-CIO President Richard Trumka
on November Jobs Report
December 3, 2010
This morning’s disastrous jobs report should wake up Capitol Hill, where Senate Republicans have been outrageously and unconscionably blocking the restoration of unemployment insurance for millions of Americans while demanding tax cuts for millionaires. The unemployment rate is once again painfully close to double digits at 9.8%, with the economy adding only 39,000 jobs last month.
The disconnect between Washington and working families is dangerous and alarming. We need to get serious about investing in job creation now and we need an immediate, one-year extension of jobless benefits. Without dramatic action to invest in America and create jobs, our economy will not see the robust and sustained recovery we need to put millions of Americans back to work.
There are sure to be tough times ahead as we continue to fight to get our economy back on track. With more than 15 million people unable to find work after losing their jobs through no fault of their own, we need to act fast to extend unemployment benefits during this holiday season. As of this morning, more than 892,000 jobless workers have already lost their lifeline. [See Actual Tracking Clock ]
That’s why we’re calling on Congress to maintain our unemployment insurance lifeline, as our nation has done for generations whenever jobs are scarce. Never before has Congress allowed unemployment insurance to expire with this many people out of work. Every day of inaction by Congress means that more people will fall out of the system during the toughest job search of their lives – unable to pay the bills, put food on the table, or celebrate the holidays. This is further damage to our communities and our weakened economy – and it is unworthy of our great country.