Robert Gibbs on unemployment – now at 10.2%
Q Monthly job losses?
MR. GIBBS: Right, I’m sorry, monthly job loss, we’ve gone from roughly 700,000 down to less than 200,000. I think if you look at – almost a stair-step in terms of bracketing three- and four-month periods together. You’ve heard me say for months that we believed that 10 percent was going to come. I think we are heartened by the decrease in unemployment – weekly unemployment claims, monthly unemployment claims, and in increases in productivity and economic growth as part of GDP. But I believe and I think most would tell you that the rate is more likely than not to get a little worse before it gets better.
So in 10 months we went from 700,000 to 200,000 or 50,000 / month improvement. At that rate, unemployment will bottom out Feb 2010 and we will start adding jobs in Mar 2010. Meanwhile, the US is the only nation of the five top economies still in recession. Well, Obama didn’t get a Nobel Prize in economics. But the Stimulus bill will create or save 3.5 million jobs – they said so. Obviously, like the existence of God, this statement can not be proven or disproved. It is based on belief – or in this case, propaganda.
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