Krueger: "A lot of work to be done" after weak March jobs data
Friday, April 06, 2012 - 03:26
The chairman of the president's Council of Economic Advisers, Alan Krueger, tells Reuters ''there remains a lot of work to be done'' to revive the economy after the Labor Department reported weaker-than-expected job growth in March. Laura MacInnis reports.
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Were you hoping for a larger number of what's your masters are. No more in the way I look at these numbers and every month I think the same thing. Jobs numbers are subject to revision and move up and down it's important to put them in the context of all of the other data that are coming in. And if you look over the last three months we just had the strongest quarter. Total job growth since first quarter 2006. If we look at unemployment insurance claims they reached the lowest level in four years if we look at the unemployment rate as you mentioned that eight point 2%. Back -- in the summer it was a nine point 1%. So these are signs that the economy is moving in the right direction but there remains a lot of work to be done. So if you look at a longer term trend and are you confident now that the US economy is well under way in that -- there for you with these numbers. Now I think. What we see in this recovery is that the economy -- very severe problems. That had been building up for decades literally if you look at struggles of middle class families that have been having. Scientific awhile before we solve all of those problems but I think we're seeing progress 25 straight months -- private sector job growth. The economy on a much much better trajectory than it was when the president came to office. And we just have to keep that the policies that keep that. -- doing the things that are helping the economy recover. -- the Federal Reserve Chairman Ben Bernanke is among those who pointed out that -- GDP growth is less than these jobs jobs growth. Husband has been a bit of irregularity there is that's coming that you see is puzzling arm pardoned her parties parties that. Well I think. All economists would look at GDP growth and friends and employment trends and job growth I think what it together what doesn't. And if -- mention all of those numbers are subject to revisions. One of the things which is it also inconsistent with this picture is that gross domestic income. Is another way of measuring total economic activity. Which should equal GDP. Actually was quite a bit stronger than GDP growth at the end of last year. I think when we put all of this together we see that the economy is continuing to expand. Job growth over the past quarter was at a stronger rate that it had been in recent quarters. And we just have to keep working. Make sure that this recovery continues because. The whole. That. What. The president was facing the economy is facing when the president came to office was very deep and we've got to continue digging our way out of it. Despite last christianity. Unemployment rate decrease in part because -- labor force to -- Vatican thinks he is here people are actively looking for jobs. It's the most part well again. These numbers move around quite a bit month -- month particularly with the household survey of the monthly movements are hard to interpret because of the sampling variability. If you look back over the past. Six months and months you know since the summer and Larry came down from nine point 18 point 2%. Labor force participation rate over that period was pretty much the same which indicates that the reason unemployment rate has been coming down over recent months. It's because more people are finding jobs and we gonna continue the things that help more more people find jobs. Think summit. If you out of our -- for -- news of the White House.
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