Obama said at a press conference in Washington, "We are facing a crisis in our economy, one that requires immediate and decisive action to spur the creation of new jobs", and House Speaker Nancy Pelosi added that "a failure to act quickly can only lead to more job losses" and predicted action on the recovery package by mid-February.
"Unemployment is going to rise to 8.5 percent by mid-year and our hope is that it stops there. It's taking away labor income from consumers and that's going to be a further drag on consumer spending. If you're not generating enough demand, it'll entail further cuts in production", said Michael Feroli who is an economist at JPMorgan Chase & Co. in New York.
And according to a recent survey, "The Labor Department is likely to report that employers cut jobs in December for a 12th consecutive month, putting total job cuts at 2.4 million for 2008".
The number of online help-wanted advertisements in the U.S. fell by 507,000 in December from a month earlier and vacancies decreased in forty nine of the fifty states and the total number of ads fell below 4 million for the first time since July 2006.
The government is expected to report on January 9th that total payrolls fell by 500,000 last month and that the unemployment rate rose to a fifteen year high of 7 percent.
The bottom line is that the economy lost 1.9 million jobs in the first eleven months of last year!
"Unemployment is going to rise to 8.5 percent by mid-year and our hope is that it stops there. It's taking away labor income from consumers and that's going to be a further drag on consumer spending. If you're not generating enough demand, it'll entail further cuts in production", said Michael Feroli who is an economist at JPMorgan Chase & Co. in New York.
And according to a recent survey, "The Labor Department is likely to report that employers cut jobs in December for a 12th consecutive month, putting total job cuts at 2.4 million for 2008".
The number of online help-wanted advertisements in the U.S. fell by 507,000 in December from a month earlier and vacancies decreased in forty nine of the fifty states and the total number of ads fell below 4 million for the first time since July 2006.
The government is expected to report on January 9th that total payrolls fell by 500,000 last month and that the unemployment rate rose to a fifteen year high of 7 percent.
The bottom line is that the economy lost 1.9 million jobs in the first eleven months of last year!
No comments:
Post a Comment