According to the Bureau of Labor Statistics, The unemployment rate edged down to 10.0 percent in November, and nonfarm payroll employment was essentially unchanged (-11,000). In the prior 3 months, payroll job losses had averaged 135,000 a month. In November, employment fell in construction, manufacturing, and information, while temporary help services and health care added jobs.
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Yesterday, President Obama opened his jobs summit officially known as the Jobs and Economic Growth Forum. Obama sought fresh ideas from the 130 corporate executives, small business owners and labor leaders who attended the jobs forum. The president said the leading question of the day is "how do we get businesses to start hiring again."
The $787 billion dollar economic stimulus package that passed congress in February was to create 3.5 million shovel ready jobs for Americans. In January Obama said that his goal was to put together a plan that "not only creates jobs in the short-term, but spurs economic growth and competitiveness in the long-term." The package would focus on providing assistance to low- and middle-income Americans, strengthening the nation's infrastructure, and investing in states that are struggling with falling revenues, with the goal of creating or preserving at least 3 million jobs over the next two years.
On Thursday, Valerie Jarrett, a senior White House adviser, said the president "feels a sense of urgency" about unemployment and the summit is part of an "ongoing effort to jumpstart the economy and create jobs." She said other forums would be organized around the country. At the same time, Jarrett said the administration is constrained by a budget deficit that reached a record $1.4 trillion in the fiscal year that ended Sept. 30 and is projected to be $1.4 trillion again this year. "There are definite limitations to what the federal government can do," she said in an interview. The U.S. Jobless rate is the worst it has been since 1983.
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