United States President Barack Obama stated Saturday the United States required to do more than just reclaim jobs lost to the recession, as he demanded reconstructing of the economy to make it secure for future generations.
“Our mission is not just to put people back to work – it is to reconstruct an economic system where that work pays; an economy where everyone working hard has the opportunity to advance,” Obama stated in his radio and Internet address.
The comment followed new Labor Department statistics demonstrated that the June unemployed rate was same from May at 8.1 percentage, with 12.7 million people in the ranks of the unemployed. The U.S. added only 80,000 jobs in June, the third month of weak jobs growth amidst a torpid economy that has kept hiring on hold, the department data made public on Friday demonstrated.
The figure was far below what is required just to keep step with development in the labour force, indicating no relief in sight for an unemployment rate that has held above 8.0 percent for more than 3 years. The unsatisfying report hardened the challenge ahead for Obama, who is struggling to keep his job in the November presidential election against charges by Republican challenger Mitt Romney that his administration has failed to repair the economy.
Romney indicated that Friday’s weak USA jobs report was cogent evidence that Obama’s economic policies were going bad, telling “this kick in the gut has got to end.”
On Friday, Obama contracted a bill financial backing scores of transportation projects across the nation in addition to a bill keeping interests on student loans from increasing. Both passed Congress last week
“Those steps will build a real difference in the lives of millions of Americans,” the president told in the radio address. “But make no error: we’ve got more to do.”
Economists were disunited over whether the decline in the employment market was bad enough to push the Federal Reserve into another stimulation for the economy at its July 31-August 1 policy board meeting.
“We don’t trust today’s report is adequate to shift the Fed into action at the next FOMC meeting,” Barclays analyst Michael Gapen told.
Gapen noted that the Federal Open Market Committee had broadened its bond-swap program to year-end at its June meeting, when the central bank convulsed a half decimal point from its 2012 economical development forecast to a tepid 2.4 percent rate at best.
