Oh no he di’n’t!
WH econ advisor Alan Krueger says employment is growing but not fast enough given the jobs deficit caused by the deep recession.
— Mark Knoller (@markknoller) July 6, 2012
Krueger stresses the positive that economy has now added private sector jobs for 28 straight months, for a total of 4.4 million.
— Mark Knoller (@markknoller) July 6, 2012
But as same time Krueger says "much more remains to be done to repair the damage from the financial crisis & deep recession that followed."
— Mark Knoller (@markknoller) July 6, 2012
Oh yes he did.
When the dismal jobs report was released on June 1, White House economic adviser Alan Krueger blamed George W. Bush for the failed recovery. Today, it’s back back to the “blame Boooooosh!” well.
https://twitter.com/forextradeideas/status/221238550350409728
If that’s “stealth,” his skill at staying under the radar is sorely lacking.
https://twitter.com/cindykilkenny/statuses/221238882912575488
The official White House statement on today’s jobs report blames June’s weak job numbers on “the damage from the financial crisis” and “problems we face that were more than a decade in the making.”
So we’re back to Bush? The White House couldn’t find a way to pin Obama’s unemployment record on Romney’s Swiss bank account?
Either way, it’s really no biggie because the private sector? Doin’ fine, natch.
Alan Krueger on Jobs Report: We've had 28 months in a row of private sector job growth. #CNBC
— CNBC (@CNBC) July 6, 2012
But job/GDP growth has slowed! RT @CNBC: Alan Krueger to @CNBC: It's clear that we're on a better path than we had been on.
— James Pethokoukis (@JimPethokoukis) July 6, 2012
Maybe he didn’t get the memo about headwinds?
White House Economic Adviser Krueger says US economy gradually healing.
— Mauro ? (@Trader_Mauro) July 6, 2012
Oh, wait, congressional headwinds:
https://twitter.com/zerohedge/status/221236861207724034
O tool Krueger: "If we just build more roads/bridges and hire more teachers/cops, we'd be fine" That BS is getting old, don't you think.
— chase grace (@mkflyguy) July 6, 2012
Getting old for us, yes, but clearly not for the White House spin doctors.
Here’s Krueger’s full statement:
Statement by Chairman of the Council of Economic Advisers Alan Krueger on the Employment Situation in June http://t.co/e9yEJw97
— Matthew Bowler (@BowlersDesk) July 6, 2012
Just in case you’re not buying the Bush blaming, Krueger concludes with this:
As the Administration stresses every month, the monthly employment and unemployment figures can be volatile, and employment estimates can be subject to substantial revision. Therefore, it is important not to read too much into any one monthly report and it is informative to consider each report in the context of other data that are becoming available.
Enjoy your Recovery Summer!
Update: Here’s the text of Krueger’s statement from the White House blog:
While the economy is continuing to heal from the worst economic downturn since the Great Depression, much more remains to be done to repair the damage from the financial crisis and deep recession that followed. It is critical that we continue the policies that build an economy that works for the middle class and makes us stronger and more secure as we dig our way out of the deep hole that was caused by the severe recession. There are no quick fixes to the problems we face that were more than a decade in the making. President Obama has proposals to create jobs by ending tax breaks for companies to ship jobs overseas and supporting State and local governments to prevent layoffs and rehire hundreds of thousands of teachers.
Today’s report from the Bureau of Labor Statistics (BLS) shows that private establishments added 84,000 jobs last month, and overall non-farm payroll employment rose by 80,000. The economy has now added private sector jobs for 28 straight months, for a total of 4.4 million payroll jobs during that period. Employment is growing but it is not growing fast enough given the jobs deficit caused by the deep recession.
The average work week for private sector workers rose by 0.1 hour in June. Aggregate private sector work hours posted their largest gain since February, rising by 0.4 percent. The stronger increase in work hours than in payroll employment suggests that many businesses chose to expand on the intensive margin as opposed to the extensive margin in June.
The unemployment rate was unchanged at 8.2 percent in June, according to the BLS household survey. The unemployment rate is 0.9 percentage point below its level a year ago.
Manufacturing employment continues to expand and manufacturers added 11,000 jobs in June. After losing millions of manufacturing jobs in the years before and during the recession, the economy has added 504,000 manufacturing jobs since January 2010–the strongest growth for any 29-month period since April 1995. To continue the revival in manufacturing jobs and output, the President has proposed tax incentives for manufacturers, enhanced training for the workforce, and measures to create manufacturing hubs and discourage sending jobs overseas.
Other sectors with net job increases included temporary help services (+25,200), leisure and hospitality (+13,000), and wholesale trade (+8,800). Retail trade lost 5,400 jobs, government lost 4,000 jobs, and motion pictures and sound recording lost 4,200 jobs. Local governments shed 14,000 education jobs.
As the Administration stresses every month, the monthly employment and unemployment figures can be volatile, and employment estimates can be subject to substantial revision. Therefore, it is important not to read too much into any one monthly report and it is informative to consider each report in the context of other data that are becoming available.
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