Unemployment rate: Obama may benefit from the unemployment rate?drop?as the country heads into a presidential election year.
Finally, a flicker of economic hope for President Barack Obama and his fellow Democrats, even if it's a faint one.
Skip to next paragraphNovember's sharp drop in the?unemployment?rate shows that jobs are finally moving in the right direction and suggests the economy is on firmer footing as the country heads into a presidential election year.
The Labor Department reported the jobless rate fell to 8.6 percent in November from 9 percent the month before, a 2? year low.
That's still high?unemployment?by historical standards. And lots of problems still lurk ? from Europe's debt crisis to congressional gridlock to the tens of millions of Americans still out of work or otherwise feeling economic distress. Furthermore, part of the improvement came because 300,000 people stopped their job searches and were no longer counted as unemployed.
But Friday's report, combined with other recent economic data showing advances in manufacturing and consumer spending, could give Obama momentum for the re-election campaign.
The White House and congressional Democrats were quiet in showing any enthusiasm they might have felt, instead using the new figures to step up criticism of anti-tax Republicans for blocking measures they said could help create even more jobs. Those include an extension of an expiring Social Security payroll tax cut that largely benefits the middle class.
"The?unemployment?rate went down," Obama said. "And despite some strong headwinds this year, the American economy has now created in the private sector jobs for the past 21 months in a row. That's nearly 3 million new jobs in all, and more than half a million over the last four months."
Said House Democratic Caucus Chairman John Larson of Connecticut: "Today's?unemployment?numbers, while encouraging, simply underscore the urgency for Congress to address the top issue facing American families? jobs."
Republicans were publicly unimpressed with the jobs report, insisting Obama hadn't done enough and emphasizing that the jobless rate was still higher than when he took office in January 2009, when it stood at 7.7 percent.
"Any job creation is welcome news, but the jobless rate in this country is still unacceptable. Today marks the 34th consecutive month of?unemployment?above 8 percent," said House Speaker John Boehner, R-Ohio.
That view was echoed on the campaign trail.
Former Massachusetts Gov. Mitt Romney, in a Fox News interview, acknowledged that the report was good news but said it wouldn't help Obama politically. "This is the slowest recovery we've seen since (President Herbert) Hoover," Romney said. "He's going to have a hard time putting perfume on this pig." Hoover held office from 1929 to early 1933, at the outset of the Great Depression.
Despite stimulus measures by the Obama administration, Congress and the Federal Reserve,?unemploymenthas remained high, peaking at 10.1 percent in October 2009 and staying around 9 percent for most of 2011.
Former House Speaker Newt Gingrich, another Republican seeking Obama's job, noted that a major part of the sharp drop in the?unemployment?rate was "not because entrepreneurs were creating new jobs" but because some 300,000 Americans "have simply given up looking for work."
"The Obama model of class warfare, government takeovers in the economy and creating fear and uncertainty for job-creators have failed," Gingrich asserted.
Source: http://rss.csmonitor.com/~r/feeds/csm/~3/YujYzwWb1dU/Unemployment-rate-may-give-Obama-boost
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