November 6, 2009 2:41 PM

Obama: Economy "Sobering," but Turning Around

By
Mark Knoller
Topics
Economy
(AP Photo/Susan Walsh)
Even at 10.2 percent, the worst in more than a quarter century, the nation's unemployment rate has not topped out.

"More likely than not, it will get a little worse before it gets better," said White House spokesman Robert Gibbs at his midday briefing today.

For months, the White House had been warning us to brace for a double-digit unemployment rate. It arrived this morning with a thud – like an anvil dropped from a 10.2-story building.

The jobless rate for October jumped four-tenths to 10.2 percent. President Obama calls it "a sobering number that underscores the economic challenges that lie ahead."

Speaking to reporters in the Rose Garden, he was quick to point out that "job growth always lags behind economic growth." Gross Domestic Product for the third quarter moved back into positive territory last week at 3.5 percent.

Nevertheless, Mr. Obama and his aides point out that the economy lost fewer payroll jobs in October than it did the month before. Job loss for October totaled 190,000 – down from a revised 219,000 in September. The administration views that as a hopeful sign.

Christina Romer, Chair of the President's Council of Economic Advisors, says the numbers continue "the steady trend of moderating job loss that began last spring." (The White House posted a chart illustrating the trend is available on its Web site here.)

Anticipating the latest hike in unemployment, Mr. Obama today signed legislation that extends unemployment benefits for up to 20 additional weeks. It also renews the tax credit for home buyers through April of next year.

He called it a bill "that will help grow our economy, save and create new jobs and provide relief to struggling families and businesses."

But Republicans see rising unemployment as an issue with which to attack the president's policies.

"With so many families looking for work, it is time the Obama administration stop spreading their phony 'saved or created' talking points and start creating the dependable jobs America needs," said Republican National Committee Chairman Michael Steele, in a written statement issued the moment the unemployment report was issued at 8:30 this morning.

Steele said Mr. Obama "promised jobs during his campaign for president, and the elections in Virginia and New Jersey on Tuesday were a clear referendum on his failure to deliver on this promise."

In the Rose Garden, Mr. Obama again said he's confident the nation's economy will recover and that "we're moving in the right direction."

"I promise that I won't rest until America prospers once again," he said.

(CBS)
Mark Knoller is a CBS News White House correspondent. You can read more of his posts in Hotsheet here. You can also follow him on Twitter here: http://twitter.com/markknoller.

Add a Comment
by gboyd41 November 7, 2009 10:31 PM EST
Continue the good work, Mr. President-continue spending and taxing until we hit 20% unenployment. Then we will see how many Democrats are reelected.
Reply to this comment
by Upstaterealtor November 6, 2009 6:45 PM EST
I just want to know what numbers the president is looking at? How is it that the unemployment numbers are getting worse yet HE says we are doing better? He needs to realize that the American voter, even the blind following Obamanites, are starting to question his leadership and policies and are no longer following like little puppies...Which people should question their leaders and that applies to ANY leader.
Reply to this comment
by faceofus November 6, 2009 6:29 PM EST
It is sad to read the comments on this site. There is so much emotionally-charged hatred which appears to have been schooled by the politicians. This site seems to reflect a mob mentality which certainly cannot be healthy for anyone. It can only be hoped that some folks here will spend the time to learn the facts rather than blindly following one side or the other. This is my last comment as there is little chance to have an honest discussion here.
Reply to this comment
by velma179 November 6, 2009 6:07 PM EST
Does anyone REALLY think that if this/or any administration could gain the confidence of Americans (read: VOTES) by immediately creating jobs for every unemployed citizen, they wouldn't?

That is ridiculous, and totally unrealistic to think that the president (or ANY American government official) is some sort of magician who can wave a wand and ...poof! Every business in America that CAN provide jobs, just does it -- because they are so altruistic and no, never [personal/executive or shareholder] profit driven.


What? Tax credits... is that the answer? NO!

First, unless the tax credit is retroactive for 2009 and available NOW (debt/deficit and April 15th be damned) how does the business that couldn't afford to, all of a sudden be in a position to hire.

And -- there is no certainty that a tax credit would be used to create permanent jobs, unless we REALLY want to have the government control business from the bottom, up.

These two things [above] sure didn't sound like "fiscal conservatism" and "limited government" to me.


This recovery isn't going to happen overnight. There is NO magic bullet.

Yes President Obama promised he would do all he can to get America back to work... and he is doing that.

But he a'int the King or the Boss of us all... he's just a man who was elected by a lot of folks, because we know his focus is in the right direction.



If Michael Steele has some secret idea that will help unemployed Americans NOW (without speculation or crossed fingers that business will "just go along")... he needs to articulate his plan, not just use the same old negative commentary.


I am so tired of people without ideas using all their time blaming those that ARE trying to get the economy back on track.
Reply to this comment
by gboyd41 November 7, 2009 10:47 PM EST
Spin it, Mr. President-10% isn't that bad-correct? Just increase the taxes.
by supergryan November 6, 2009 5:22 PM EST
Americans are really concerned about the current situation even as news reports show the recession has "ended":

http://www.polladium.com/poll.php?poll_id=344&location_id=1
Reply to this comment
by gboyd41 November 6, 2009 4:37 PM EST
Keep up the good work Mr. President.
Reply to this comment
.

Follow Political Hotsheet

Scroll Left
Scroll Right More »
CBS News on Facebook
  • Building You a Better Morning

  • CBS This Morning

    "CBS This Morning," anchored by Charlie Rose, Gayle King and Erica Hill, airs weekdays from 7 to 9 a.m. ET and at the same time in other time zones.
    Learn more...