What do the latest jobs numbers really mean?
David Callahan and Tobin Smith analyze the latest jobs report.
- Duration 6:07
- Date Aug 3, 2012
David Callahan and Tobin Smith analyze the latest jobs report.
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In the unresolved problem segment tonight.
-- jobs report out today shows the economy added 163000.
New jobs and a -- that's the biggest monthly gain since February 5 months but it wasn't enough to keep the unemployment rate from ticking up.
A tenth of a -- to eight point 3%.
President Obama addressed the mixed bag of news.
-- We've still got too many folks out there who were looking for what.
We've got more work to do on their behalf.
Not -- reclaim all the jobs there were lost during the recession.
But also to reclaim the kind of financial security that too many Americans have felt was slipping away from them for too long.
Speaking at a campaign event Mitt Romney pounced on the news and the president.
Today we just got a new number from the unemployment report tend it's another hammer blow to the struggling middle class families of America.
Because the president has not had policies that what American families back to work I do put the good place to get America working again.
Here now to analyze Fox News contributor Tobin Smith -- -- shaking his head and David Callahan.
As senior fellow at.
Private sector 172000.
Public sector lost 9000 jobs.
But of course you know when you hear people on the right talk about whether or not we should in fact put more money into public sector they say no and use -- -- -- Well in the middle of the right to try to make the president look bad because try to get a new president elected so let's get above the fray for -- We have about a 148 million people employed in the United States right.
When you have five million people there are -- regularly now unemployed for more than a year that means that those people are mostly never getting back and into the -- that's a huge issue.
They're bigger issue is is that what's known as the -- six which means.
Take the unemployed and then the underemployed and that's how most people like me who pulled economy follow this work.
-- -- Fifteen to 16% in the United States overall port 21%.
On that number in California the largest state you -- 35 million people would sit in Florida witty -- percent.
So we had a chronic unemployment issue -- a 150000 jobs as everyone knows it doesn't get close to getting to that number.
And the question as.
His government gonna release don't want now it's private sector never -- 9000 jobs government still lose a 150000 jobs the next 1214 months.
It's got to come from the private sector it's meet guys like -- -- small businesses who who invest real money risk money in jobs.
That's right now.
But the question is David.
Where is that money coming from yet another words do -- -- that met their needs to be an investment by government.
To stimulate this economy or do you say as the White House was saying today.
Hey you know what -- that's when he not a at least 29 months now a steady job creation.
Well absolutely needs to be more stimulus and the president had a plans -- -- invest in our infrastructure would have put a lot of construction workers.
Back to work I mean the highest unemployment rate is among construction workers 12%.
Invest in our infrastructure those people need jobs but I -- go back to the question of private businesses and how they what why are they not hiring workers.
Their surveys have private businesses they asked employers where -- hiring people what dozen players say it's not that their tactics and I don't know -- not.
They're regular -- should -- that's coming up that.
That -- obamacare not that it's regulation they say there's not consumer demand wow.
Why sit there consumer demand because consumers are tapped out and one reason they're tapped out one reason the middle class doesn't have money.
To spend right now is because all of the honey that generated by most of the money generated -- our our economy right now is going to that top 1%.
Corporate profits -- -- -- year record high.
The middle class is not sharing in the prosperity that.
-- well yeah.
Okay yeah well.
And when I -- in the business people like -- -- and what I hear is you know what there's too much uncertainty we don't know what's going out we don't know what this president's doing we don't know what happens at the election how they licensed it yeah.
Aren't they don't say uncertainty is a problem in the service they say no custom -- and demand you got to put -- in the.
Let's go back to get this a little -- level.
I love this time if I take a hundred dollars and -- -- a door to put -- -- friend that that's an investment in the house right right put a fight.
-- -- take a 100000400.
Million dollars and give it to California to keep teachers and firemen on job that's an investment well -- the way it's not that's an expense.
-- the idea of having investments capital -- the question is who's a better investor for capital the private market or the public part of this administration feels that the way -- we built built prosperity the most incredible economy in the world was that government took private capital and intimidated tax is better invested it.
And that's how we made up for prosperity and -- you know that's not.
I don't believe that but let me -- what you do believe that you do believe.
I believe -- -- apparently got to talking to you in education.
And infrastructure spending by the love and I -- back to the fifties and say what was -- real investment -- never freeway system that was and about I'd say you're you say yes but what president of David was in trouble with you when he's got the word CNN affiliate at the argument of -- Let's of course is is -- -- Smart stimulus is a co workers.
-- taxes permanently what does that instead putting a lot of -- it's not -- someone who just.
Say yes to spending on infrastructure and education David what do you think.
Well I think up and see an infrastructure makes a lot of what I do how do you propose we do that gave it up for one thing you know can't you know if you don't cancel a tunnel that we badly need that Chris Christie did that a new title that is -- going to the hospital that -- there.
-- nine million dollars somewhere in Arizona and I quickly bottom line with today good news or bad news David.
There was more of the same period -- total work we're going nowhere and the odds are recorded in the -- where fast is doesn't have great gentlemen thank you so much money.