Obama spoke about the surprisingly good unemployment data this month
6 Dec
The president Barack obama, partially admitted that the continuous unemployment carnage in the United States seems to have arrived to an end. During the month of November, the job destruction wasn’t higher than 11000, very lower than the expected 130000 and the best record from December 2007, two years ago.
This has been excellent data because the November unemployment in the US not only prevented the record of the last 26 years from being higher than the 10,2 of October, but also reduced it to 10%. The president Barack Obama highlighted that the data is positive but we have still a long way to obtain a prolongated improvement in the job market.
This data was released from the Employment Department and gives a different feedback from what Reuters and Bloomberg predicted. They did not forecast a decrease of the job destruction from 111000 in October to 11000 in November, and the unemployment rather than remaining in the record of 10,2%, lowered to 10%.
This improvement in the US labor market is Totally positive for Wall Street, the S&P500 rose by 1,3%, the industrial Dow Jones and the technological Nasdaq rose by 1% and 1,3% respectively.
Barack Obama spoke to the Nation about it
The White House reacted to this report immediately, although the governmental office saw signals showing that this could happen, Barack Obama hasn’t been excessively optimistic about the unemployment.
The president Obama said that there is still a long way to run and there will still be more difficulties in it. However, he also remarked that this is a welcome signal because we are facing better days with lower unemployment.
In his speech, Obama highlighted that we mustn’t be over-confident and that next Thursday will show more details about possible ideas to help reactivate the private employment. He also asked the companies to hire more in a effort to improve the economy.
Once the labor market improves, the president Barack obama is committed to reduce the fiscal deficit, one of the priorities than congressmen demand to the executive. The public finances are suffering a great issue because of the unemployment, the emergency plans and the Obama’s stimulus packages .
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