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Jobs Report Brings Unexpected Good News for Obama
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The unemployment rate declines to 7.8% from 8.1% based on the Labor Department's survey of households. The larger and more reliable survey of businesses of the Labor Department shows 104,000 jobs added in the private sector and a revision of July and August jobs estimates to show 86,000 additional jobs created. About 150,000 jobs a month are needed just to keep up with population growth. Most of the 104,000 jobs added by the private sector in the larger survey of businesses were in health care, fewer public sector jobs were lost. However the survey shows 16,000 jobs lost in manufacturing which means there are problems in manufacturing which creates higher wage jobs and benefits relative to other sectors and which is a vitally important sector.
Policy errors and lack of focus on unemployment and the economy of the Obama administration
04/04/2009
The focus on health care reform comes at the wrong time when when the U.S. economy and high unemployment were priorities that needed attention, say experts. Feldstein points elsewhere to the lack of attention to the housing crisis and reducing foreclosures through homeowner assistance. These errors of the Obama administration increased business uncertainty in the U.S. just as the eurozone crisis worsened.
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