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Another Disappointing Week in the Obama Economy

Press Release

Location: Boston, MA

"Today's increase in the unemployment rate is a hammer blow to struggling middle-class families. Yesterday I launched my Plan for a Stronger Middle Class that will bring more jobs and more take home pay. My plan will turn things around and bring the economy roaring back, with twelve million new jobs created by the end of my first term. President Obama doesn't have a plan and believes that the private sector is "doing fine.' Obviously, that is not the case. We've now gone 42 consecutive months with the unemployment rate above eight percent. Middle class Americans deserve better, and I believe America can do better." -- Mitt Romney

Last Month, The Nation Experienced Its 42nd Straight Month Of Unemployment Above 8%:

In July, The Nation's "Unemployment Rose To 8.3 Percent." "Unemployment rose to 8.3 percent. Uneven hiring may hold back consumer spending, the biggest part of the economy, as a global slowdown and impending U.S. tax changes weigh on businesses. Job cuts at companies from Morgan Stanley (MS) to Cisco Systems (CSCO) Inc. mean unemployment may remain elevated, one reason the Federal Reserve this week said it is prepared to take new steps if needed to boost growth." (Shobhana Chandra, "U.S. Payrolls Rise More Than Forecast; Unemployment 8.3%," Bloomberg, 8/3/12)

"The High Unemployment Numbers Present A Challenge For President Barack Obama As He Tries To Sell Voters On His Stewardship Of The Economy Before The November Election." (Patrick Reis, "Jobs Numbers Show Economy Still Sluggish," Politico, 8/3/12)

"Hiring Remains Well Below The Pace Set At The Start Of The Year." "The latest payroll numbers are encouraging after three months of weak job creation, but the figures still aren't enough to lower the unemployment rate, and hiring remains well below the pace set at the start of the year." (Jeffrey Sparshott and Tom Barkley, "Economy Adds 163,000 Jobs," The Wall Street Journal, 8/3/12)

"The Unemployment Rate Has Been Stuck Above 8 Percent For More Than Three Years, The Longest Run Since The Great Depression."(Lucia Mutikani, "Jobs Increase In July, But Jobless Rate Rises To 8.3 Percent," Reuters, 8/3/12)

Politico Headline: "Jobs Numbers Show Economy Still Sluggish"(Politico, 8/3/12)

But The Disappointing Jobs Report Is Just The Latest Bad News For Americans Struggling In The Obama Economy:

"The Number Of U.S. Workers Filing Applications For Jobless Benefits Rose Last Week…" "The number of U.S. workers filing applications for jobless benefits rose last week, continuing an uneven pattern that suggests job creation was likely modest in July. Initial jobless claims, an indication of layoffs, increased by 8,000 to a seasonally adjusted 365,000 in the week ended July 28, the Labor Department said Thursday. Economists surveyed by Dow Jones Newswires had forecast 370,000 new applications for jobless benefits last week. Claims for the July 21 week were revised up to 357,000 from an initially reported 353,000." (Eric Morath and Sarah Portlock, "Jobless Claims Increase," The Wall Street Journal, 8/2/12)

"Orders Placed With U.S. Factories Unexpectedly Declined In June…" "Orders placed with U.S. factories unexpectedly declined in June, reflecting less demand for business equipment and the biggest decrease in bookings for non- durable goods in more than three years. The 0.5 percent drop in bookings followed a revised 0.5 percent increase in the prior month, the Commerce Department said today in Washington. The median forecast of economists in a Bloomberg News survey called for a 0.5 percent gain. June orders for durable goods climbed 1.3 percent, revised from the 1.6 percent surge reported last week. Demand for non-durable items, reported today for the first time, slumped 2 percent, the biggest drop since March 2009." (Lorraine Woellert, "Orders To U.S. Factories Unexpectedly Declined 0.5% In June," Bloomberg, 8/2/12)

"A Gauge That Measures The Strength Of The Manufacturing Sector Remained Under The Key 50% Mark … It's The First Time That's Happened Since The Tail End Of The Last Recession." "The latest snapshot of the U.S. manufacturing industry suggests growth has cooled off considerably over the past few months. A gauge that measures the strength of the manufacturing sector remained under the key 50% mark for the second straight month. It's the first time that's happened since the tail end of the last recession." (Jeffry Bartash, "Manufacturers See Little Improvement In July," MarketWatch, 8/1/12)

"Business Conditions In Texas-Area Manufacturing Worsened Sharply This Month Amid Questions About Future Government Policy…" "Business conditions in Texas-area manufacturing worsened sharply this month amid questions about future government policy although production, orders and employment stayed positive, according to a report released Monday by the Federal Reserve Bank of Dallas. The bank said its general business activity index plunged to -13.2 in July from 5.8 in June. July's is the weakest number in 10 months. The company outlook index fell to 1.6 from 5.5. Readings below 0 indicate contraction, and positive numbers indicate expanding activity." (Kathleen Madigan, "Dallas Fed Survey Hits 10-Month Low, Cites Washington Uncertainty," The Wall Street Journal, 7/30/12)

Consumer Spending Fell In June "For The First Time In Nearly A Year" -- Suggesting The Obama Economy "Lost Momentum As It Ended The Second Quarter." "Spending by American consumers fell in June for the first time in nearly a year when accounting for inflation, suggesting the economy lost momentum as it ended the second quarter. Consumer spending, which makes up about 70 percent of economic activity, fell 0.1 percent when adjusted for rising prices, the Commerce Department said on Tuesday." ("Inflation-Adjusted Consumer Spending Falls In June," Reuters, 7/31/12)

The Share Of Americans 18 To 24 Year Olds Who Were Employed Fell To 54% Last Year, The Lowest Since The Labor Department Began Tracking Data In 1948. "The share of American 18- to 24-year-olds who were employed fell to 54 per cent last year, the lowest since the labour department began tracking data in 1948, according to the Pew Research Center. The jobless rate for Americans age 16 to 24 is above 16 per cent, more than twice the national rate." (Shannon Bond, "Jobless Generation Puts Brakes On US," Financial Times, 7/30/12)

National Journal Headline: "Study: More Young Adults Living With Parents" (Rosa Ramirez, "Study: More Young Adults Living With Parents," National Journal, 8/1/12)

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