• Most Popular
  • Most Shared

Obama expects "sobering" unemployment figures

WASHINGTON
Mon Jan 5, 2009 4:24pm EST
A job seeker fills out an application at a job fair organized by the New Hampshire Employment Security agency in Salem, New Hampshire December 17, 2008. REUTERS/Brian Snyder

WASHINGTON (Reuters) - U.S. President-elect Barack Obama said on Monday he expected "sobering" unemployment figures at the end of this week as he went to Capitol Hill to campaign for his economic stimulus package.

Barack Obama

"The reason we're here today is because the people's business can't wait," Obama told reporters at a photo opportunity with House of Representatives Speaker Nancy Pelosi. "We've got an extraordinary economic challenge ahead of us, we're expecting a sobering job report at the end of the week."

The Labor Department will release its December employment report on Friday at 8:30 a.m. EST. According to a Reuters poll, economists are expecting payroll jobs to drop 500,000, bringing job losses for all 2008 to about 2.5 million.

(Reporting by Jeremy Pelofsky, Editing by Sandra Maler)
Barack Obama


More from Reuters

Photo

Investors seen jumping the gun on airport security

BANGALORE (Reuters) - Investors' optimism surrounding the shares of airport security systems makers could be premature as interest in the companies' products after the Christmas Day plane scare is not expected to translate into immediate orders.

» More Top News
Leaves gather in front of an empty and boarded-up house in Youngstown, Ohio November 21, 2009. REUTERS/Brian Snyder

Castles built on sand

Rust-belt American cities like Youngstown, Ohio were battered by the downturn. Now they're ready to move on, but it won’t be easy. The first in a three-part report.  Full Article 

Route to Recovery
REUTERS/James Saft
JAMES SAFT:

Welcome to the "Teenies"

Shrinking financial sector? Paltry investment returns? Welcome to the the next decade. Don't worry, there's some good news, too.  Commentary 

COMMENTARY