Obama warns more job losses coming

Discussion in 'Wall St. News' started by TraderZones, Nov 2, 2009.

  1. Hmmm, would this mean that the stimulus saved even MORE than 650,000 jobs in Reverse-Govt Think???

    Obama warns more job losses coming

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    WASHINGTON (Reuters) - U.S. President Barack Obama said on Monday that more U.S. jobs will be lost in coming weeks and months but stressed the economy has recovered a lot of ground since he took office in January.

    Speaking at a White House meeting of his Economic Recovery Advisory Board, Obama said the current pace of job losses was "distressing" and the labor market would not improve quickly.

    "We anticipate that we are going to continue to see some job losses in the weeks and months to come," Obama said.

    The advisory board's meeting was shown on a White House website in a departure from normal practice.

    Obama said the economy was beginning to stabilize after the deep slump that it entered amid a U.S. and global financial crisis but said it still had a long way to go and that policymakers need to find new models for future growth.

    "It's not going to happen overnight, but we will not rest until we are succeeding, until we are generating the jobs that this economy needs," the President said before the official board meeting started.

    He said past U.S. growth had been "debt-driven" and that was no longer feasible. With the United States running record budget deficits as it spends furiously to try to stimulate the economy, Obama said it is going to be vital to find innovative new ways to finance growth.

    The U.S. economy posted solid growth in the third quarter after a year of steady decline, with gross domestic product rising at a 3.5 percent annual rate.

    In addition on Monday, U.S. manufacturing activity hit its highest level in 3-1/2 years in October and pending home sales surged in September -- all signs of vitality returning to a battered economy.

    Obama urged policymakers to consider new ways to spur growth, not simply changes in tax policy, and said that he was confident that job growth will return once the economy is back on a solid growth track.

    (Reporting by Glenn Somerville and Alister Bull, Editing by Andrea Ricci)
  2. What he did not add is that this would be in approximately 10 years, after a major US default and currency devaluation.
  3. These idiots are really inspiring confidence.

    It would appear you could not destroy this economy more if you tried.....hmmmm..............
  4. Back in the day you could throw your trash out the window and create a job. Someone to clean up the mess. People cared.

    Now we are knee deep in trash and the new "job" is making a mess.
  5. Obama fights for more foreign workers

    Tech workers dealt setback in H-1B case
    Appeals court affirms lower court decision, cites lack of 'standing'
    By Patrick Thibodeau
    July 27, 2009 07:45 PM ET

    The U.S. Court of Appeals in Philadelphia has ruled against the tech workers that have been fighting a federal decision to allow foreign students to work on a student visa from one year to 29 months.

    The Programmers Guild and others fighting the student visa extension, approved during President Bush's administration and subsequently backed by President Obama, argued that the extension was a backdoor H-1B increase that has brought more competition to the labor market, hurting wages and job prospects of U.S. workers.

    The Bush administration extended the visa in 2008 because of the high demand for H-1B visas at the time, and concern that students, unable to get a visa, would return.

    The recession has changed that. Of the 85,000 visas available under the cap, about 20,000 remain. Last year, the entire cap was exhausted in just a few days.

  6. Stolen from ZeroHedge...

  7. Is that a hint that Fed will go hawkish?
  8. great. and I was just starting to feel maybe things were picking up.
  9. clacy


    Obama is now trying to lower expectations so that he doesn't under deliver.

    This is the exact opposite strategy that he used during the campaign.
  10. Obama warns more job losses coming

    #10     Nov 2, 2009