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Latest Jobs Figures Show Economic Recovery Still Needs a Boost

September 3, 2010

Today’s jobs report provided better news than expected about private-sector job creation, but the case for additional stimulus to boost a tepid economic recovery and revive the job market remains strong. The good news, as the chart below shows, is that the economy has now added private-sector jobs for eight straight months. The bad news is that adding fewer than 100,000 private-sector jobs a month, as we have been doing, will not bring down the unemployment rate.

New GDP Figures Show Recovery Not Yet on Solid Footing

August 27, 2010

The bottom line from today’s Commerce Department report on gross domestic product (GDP) is that the economy is growing far too slowly to reduce unemployment and it is still too early to declare that the recovery is on solid footing. The recovery could definitely use a boost from further stimulus.

The Legacy of the Great Recession

August 23, 2010

This new chartbook, which we have posted to our website and will regularly update as new
data become available, will document the course of the economy following the 2007-2009 recession — and how much deeper the recession would have been
without the financial stabilization and fiscal stimulus policies enacted in late 2008 and early 2009.

Today’s Jobs Report in Pictures

August 6, 2010

Today’s jobs report shows a labor market that is still not generating enough jobs to lower the unemployment rate. Creating fewer than 100,000 more private sector jobs a month, the job market is barely treading water. The economy would have to create over 300,000 jobs a month for two years just to restore employment to where it was at the start of the recession, and more than that to restore full employment with a growing population.

Senators Coburn and McCain Turn Elephant Gun on Ants

August 5, 2010

It’s not a 9.5 percent unemployment rate that’s giving Americans the “summertime blues.” No, according to a new report with that title by Senator Tom Coburn, M.D., and Senator John McCain that attacks last year’s stimulus program, it’s that the State Department paid $18,000 too much for flat screen TVs and the American Museum of Ceramic Art in California received a $50,000 grant.

Don’t Sell the Stimulus Short

July 30, 2010

“It could’ve been a lot worse” may not be a winner as a political message, but it’s the right response when people complain that the TARP financial stabilization bill and the 2009 Recovery Act didn’t work. This chart, based on new data on gross domestic product (GDP) released this morning, shows the turnaround in the economy since Congress enacted these measures.

Statement as Senate Nears Approval of Extending Jobless Benefits

July 20, 2010

The Senate’s move today toward extending the Recovery Act’s extra weeks of jobless benefits for the long-term unemployed will provide much-needed help to almost 3 million unemployed workers and a boost to the economy, since those workers will spend their benefits quickly to cover household expenses.

Today’s Jobs Report in Pictures

July 2, 2010

The good news in today’s jobs report is that the private sector continued adding jobs in June — though, as expected, the economy lost jobs overall due to the scheduled reduction in temporary census jobs. The bad news is that private sector job creation must be much stronger going forward— at least 200,000 to 300,000 jobs per month — to bring people back into the labor force and lower the unemployment rate at the same time.

What’s Killing the Jobs Bill?

June 24, 2010

Combining bad economics with bad fiscal policy, opponents are on the verge of defeating the compromise jobs bill before the Senate, and we can expect more hardship and a slower economic recovery as a result.

As I’ve said before, the case for extending unemployment insurance (UI) benefits and state fiscal assistance is powerful:

The Top 10 Reasons Congress Needs to Stand Tall on Stimulus

June 18, 2010

“Most striking is the sense of political paralysis in both chambers and an almost visceral hunkering down in the face of the tough choices ahead,” Politico’s David Rogers wrote this morning regarding the Senate’s failure thus far to approve pending jobs legislation.