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Inside January's unemployment numbers
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Wendell Goler reports from the White House
- Duration 2:35
- Date Feb 1, 2013
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Transcript
This transcript is automatically generated
We'll just today after the president shut down his jobs council a reminder of just how suffocating.
The unemployment situation still it is the national jobless rate went up after two months of no changes.
White House correspondent Wendell Goler looks inside the numbers tonight.
With a tenth of a point increase in the unemployment rate to seven point 9% the January jobs report was at least initially disappointing.
The revised November and December figures mean we averaged 200000 new jobs a month over the past three months and those are numbers the White House is willing to stand behind.
We created 2.2 million now with the revisions -- jobs in 2012.
That means that we have been.
Moving in the right direction when it comes -- job creation but not moving fast enough for Republicans like house speaker John Boehner.
Who said in a written statement quote more than twelve million Americans are still unemployed and it's been that way for far too long.
Later said the president shouldn't have let his jobs council go out of business this week -- congress only approved a handful of its recommendations.
Some analysts say the private sector seems to be weathering the country's fiscal uncertainty but it's doing so nervously.
We've got massive deficits a big tax increase.
That no apparent willingness to get government off people's backs by reducing government spending and all of that is heavy heavy weight on the private sector.
You know firms around the nation are sitting on their cash -- -- -- creating jobs.
On Wednesday the Commerce Department announced economic growth actually fell to -- minus tenth of a percent the last three months of last year.
Still the chairman of the president's council of economic advisors says other indicators remain positive.
Consumer spending increased.
Business investment.
Perfectly for equipment and software was strong residential construction was strong and we're seeing signs of that in today's jobs report.
But the jobs report also showed a larger number of people drop out of the labor force than found jobs and a former administration economist says some of that is to be expected.
They population is aging so we expect to have a fair number of people retiring every month.
For -- the next ten years or more as a baby boomers retiring.
Actually the conference board reports a sharp increase in the number of older workers considering delaying retirement.
Which could make it more difficult for young people to get into the job market.
Unemployment for eighteen to 49 year old stopped 13% last month and for African Americans it was more than 42%.
And one point seven million young people ward even counted because they've given up looking for jobs.
But a lot of the north -- Wendell thank you.
