Council of Economic Advisers Blog
- Posted byon May 4, 2012 at 8:30 AM EST
Today’s employment report provides further evidence that the economy is continuing to heal from the worst economic downturn since the Great Depression, but much more remains to be done to repair the damage caused by the financial crisis and the deep recession. It is critical that we continue the economic policies that are helping us dig our way out of the deep hole that was caused by the severe recession that began at the end of 2007. President Obama has said that prosperity in America has always come from a strong and growing middle class. He has made clear that getting back to where we were is not enough. We need to do more, which is why the President has laid out his blueprint for an American economy that is built to last and will continue to urge Congress to act to do more to grow the economy and create jobs.
Private employer payrolls increased by 130,000 jobs in April, and overall non-farm payroll employment rose by 115,000. The unemployment rate dipped from 8.2% in March to 8.1% in April, according to the household survey. Though labor force participation fell over the month according to the household survey, since August the unemployment rate has fallen by 1.0 percentage point, from 9.1% to 8.1%, and nearly three-quarters of that drop is attributable to increased employment.
Despite adverse shocks that have created headwinds for economic growth the economy has added private sector jobs for 26 straight months, for a total of 4.25 million payroll jobs over that period. With upward revisions of 65,000 jobs to the past two months’ employment reports, in the first quarter of 2012 private employment expanded by 697,000 jobs, the largest quarterly increase since the first quarter of 2006. So far this year, 827,000 private sector jobs have been added, on net.
- Posted byon April 26, 2012 at 5:31 PM EST
At 9:15 EDT on Thursday, April 26, 2012, President Obama’s Chairman of the Council of Economic Advisers, Alan B. Krueger delivered remarks on “Reversing the Middle-Class Jobs Deficit” at the Columbia University in New York City, New York.
In his prepared remarks, Chairman Krueger said:
I will address problems in the U.S. labor market and President Obama’s blueprint to fix them. My theme is that it will take a concerted national effort to reverse the problems that have been building in the job market for decades, and, although much more work needs to be done; we have made progress in the last few years.
Krueger added that:
The United States has considerable strengths that should help us to reverse the middle-class jobs deficit. It is imperative for policymakers to develop and promote these strengths to create an expanding middle class and provide more opportunity for more young people, regardless of their family backgrounds. As President Obama has stressed, this is the defining issue of our times. We face a critical moment in which we can pursue a path that leads to a more durable economy and growing opportunities for all Americans, or we can return to the policies that eroded the middle class and tilted an ever-increasing share of income into the hands of a fortunate few, who were allowed to play by their own rules.
- Posted byon April 26, 2012 at 7:40 AM EST
Ed. note: This event has ended.
At 9:15 am EDT watch President Obama’s Chairman of the Council of Economic Advisers, Alan B. Krueger, deliver a keynote address on “Reversing the Middle-Class Jobs Deficit” at Columbia University’s new Center on Global Economic Governance. Chairman Krueger’s will discuss the three main jobs crises the country faced when President Obama took office and what his Administration is doing to address these imbalances.
- Posted byon April 25, 2012 at 2:16 PM EST
Thursday, April 26: Alan B. Krueger, Chairman of President Obama's Council of Economic Advisers (CEA) will deliver a speech on Reversing the Middle-Class Jobs Deficit.
WASHINGTON – At 9:15 am EDT on Thursday, April 26, 2012, President Obama’s Chairman of the Council of Economic Advisers, Alan B. Krueger, will deliver a keynote address at Columbia University’s new Center on Global Economic Governance.
Chairman Krueger’s remarks titled “Reversing the Middle-Class Jobs Deficit,” will discuss the three main jobs crises the country faced when President Obama took office and what his Administration is doing to address these imbalances.
This event will be live-streamed on the White House Council of Economic Advisers blog and linked to from WhiteHouse.gov/live.
WHO: Alan B. Krueger, Chairman, Council of Economic Advisers
WHAT: Remarks on "Reversing the Middle-Class Jobs Deficit"
WHEN: 9:15 am EDT, Thursday, April 26, 2012
WHERE: Rotunda, Low Memorial Library, Columbia University, New York, NY
- Posted byon April 6, 2012 at 8:30 AM EST
There is more work to be done, but today’s employment report provides further evidence that the economy is continuing to recover from the worst economic downturn since the Great Depression. It is critical that we continue to make smart investments that strengthen our economy and lay a foundation for long-term middle class job growth so we can continue to dig our way out of the deep hole that was caused by the severe recession that began at the end of 2007.
Employer payrolls increased by 121,000 jobs in March, according to the Bureau of Labor Statistics’ establishment survey. The unemployment rate ticked down to 8.2% in March, according to the household survey. However, employment was virtually unchanged in the household survey.
Both surveys indicate the continuing challenges facing construction workers, as a result of the collapse in homebuilding following the bursting of the housing bubble. The unemployment rate for construction workers stands at 17.2%, more than double the national average. Because of weak private sector demand for construction investment and the nation’s continuing need for improved infrastructure, including maintenance of existing highways, bridges, and ports, the President’s Budget proposal to increase and modernize the nation’s infrastructure is well targeted to support the economy today and in the future.
Despite adverse shocks that have created headwinds for economic growth, including weak construction investment, the economy has added private sector jobs for 25 straight months, for a total of 4.1 million jobs over that period.
Chairman Alan Krueger Discusses the Measurement of the Economy at the 2012 NABE Economic Policy ConferencePosted byon March 27, 2012 at 11:17 AM EST
At 8:30 am ET on Tuesday, March 27, 2012, President Obama’s Chairman of the Council of Economic Advisers, Alan B. Krueger, delivered remarks on “Measuring the Improvement in the Economy and Improving the Measurement of the Economy” at the 2012 NABE Economic Policy Conference in Arlington, Virginia.
In his prepared remarks, Chairman Krueger said: "… the unique nature of the financial crisis and recession have made the pace of the recovery uneven, but – with the essential help of policy actions that the Obama Administration has taken – the economy is making a transition to more sustainable footing.”
Here is a link to excerpts of Chairman Kreuger’s remarks.
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