Full Text Obama Presidency April 6, 2012: Alan B. Krueger’s Statement on the March Jobs Report & Employment Situation

POLITICAL SPEECHES & DOCUMENTS

OBAMA PRESIDENCY & THE 112TH CONGRESS:

POLITICAL QUOTES & SPEECHES

Statement on the Employment Situation in March

Source: WH, 4-6-12

Alan B. Krueger, Chairman of the Council of Economic Advisers, issued the following statement today on the employment situation in March. You can view the statement HERE.

The Employment Situation in March

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.

Manufacturing continues to be a bright spot and added 37,000 jobs in March.  After losing millions of good manufacturing jobs in the years before and during the recession, the economy has added 466,000 manufacturing jobs in the past 25 months—the strongest growth for any 25 month period since September 1995.  To continue the revival in manufacturing jobs and output, the President has proposed tax incentives for manufacturers, enhanced training for the workforce, and measures to create manufacturing hubs.

Other sectors with net job increases included leisure and hospitality (+39,000), professional and business services (+31,000), and financial activities (+15,000).  Retail trade lost 33,800 jobs, construction lost 7,000 jobs, and government lost 1,000 jobs.  State and local government job losses have moderated in recent months.  Almost three-quarters of the slower job growth in March relative to February was due to slower growth in temporary help services and health care and day care services.

As the Administration stresses every month, the monthly employment and unemployment figures can be volatile, and employment estimates can be subject to substantial revision. Therefore, it is important not to read too much into any one monthly report, and it is helpful to consider each report in the context of other data that are becoming available.

Alan B. Krueger is Chairman of the Council of Economic Advisers.

Full Text August 29, 2011: President Barack Obama Nominates Alan B. Krueger as the New Chair of the Council of Economic Advisers — Completes Economic Team Prior to Jobs Plan Speech

POLITICAL SPEECHES & DOCUMENTS

OBAMA PRESIDENCY & THE 112TH CONGRESS:

POLITICAL QUOTES & SPEECHES

President Obama Announces New Chair of the Council of Economic Advisers

Source: WH, 8-29-11

Read the Transcript  |  Download Video: mp4 (38MB) | mp3 (4MB)

This morning, President Obama announced his intention to nominate Alan B. Krueger as a member of the Council of Economic Advisers (CEA). As one of the nation’s leading economists, Dr. Krueger will bring  decades of experience, including serving as chief economist at the Treasury Department, and a wealth of knowledge to the challenge of creating jobs and promoting economic growth. Following his confirmation, President Obama will designate Dr. Krueger as Chairman of CEA.

During his remarks in the Rose Garden, the President first addressed the response to Hurricane Irene:

It’s going to take time to recover from a storm of this magnitude.  The effects are still being felt across much of the country, including in New England and states like Vermont where there’s been an enormous amount of flooding.  So our response continues.  But I’m going to make sure that FEMA and other agencies are doing everything in their power to help people on the ground.

President Obama announces Alan Krueger to lead the Council of Economic Advisers

President Barack Obama delivers a statement to the press in the Rose Garden of the White House announcing Alan Krueger as his nominee to lead the Council of Economic Advisers, Aug. 29, 2011. (Official White House Photo by Chuck Kennedy)

Even as communities of the Eastern seaboard recover from the hurricane, the country as a whole continues to face the challenge of economic recovery. As the President said today, Dr. Krueger will be a strong addition to his economic team as they work tirelessly to accelerate hiring and spur innovation:

I have nothing but confidence in Alan as he takes on this important role as one of the leaders of my economic team.

I rely on the Council of Economic Advisers to provide unvarnished analysis and recommendations, not based on politics, not based on narrow interests, but based on the best evidence — based on what’s going to do the most good for the most people in this country.  And that’s more important than ever right now.  We need folks in Washington to make decisions based on what’s best for the country, not what’s best for any political party or special interest.  That’s how we’ll get through this period of economic uncertainty, and that’s the only way that we’ll be able to do what’s necessary to grow the economy.

So it’s that spirit that I’m going to be calling upon in the coming days.  Next week, I will be laying out a series of steps that Congress can take immediately to put more money in the pockets of working families and middle-class families, to make it easier for small businesses to hire people, to put construction crews to work rebuilding our nation’s roads and railways and airports, and all the other measures that can help to grow this economy.

These are bipartisan ideas that ought to be the kind of proposals that everybody can get behind, no matter what your political affiliation might be.  So my hope and expectation is that we can put country before party and get something done for the American people.

That’s what I’ll be fighting for.  And we’ve got to have a good team to do it.

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