Distress call: Obama calls for rebuilding economy
Labour Department statistics show June jobless rate unchanged from May at 8.2%, with 12.7 million people unemployed.
WASHINGTON:
US President Barack Obama said on Saturday the US needed to do more than just reclaim jobs lost to the recession, as he called for rebuilding the economy to make it secure for future generations. The comment came after new Labour Department statistics showed that the June jobless rate was unchanged from May at 8.2%, with 12.7 million people in the ranks of the unemployed. The US added only 80,000 jobs in June, the third month of weak jobs growth amid a sluggish economy, signalling no relief in sight for an unemployment rate, the department data made public on Friday showed. The data showed a sharp slowdown in hiring across major industries during the second quarter as the economy struggled to gain traction against pressures from Europe’s debt crisis. The disappointing report toughened the challenge ahead for Obama, who is fighting to keep his job in the November presidential election.
Published in The Express Tribune, July 8th, 2012.
US President Barack Obama said on Saturday the US needed to do more than just reclaim jobs lost to the recession, as he called for rebuilding the economy to make it secure for future generations. The comment came after new Labour Department statistics showed that the June jobless rate was unchanged from May at 8.2%, with 12.7 million people in the ranks of the unemployed. The US added only 80,000 jobs in June, the third month of weak jobs growth amid a sluggish economy, signalling no relief in sight for an unemployment rate, the department data made public on Friday showed. The data showed a sharp slowdown in hiring across major industries during the second quarter as the economy struggled to gain traction against pressures from Europe’s debt crisis. The disappointing report toughened the challenge ahead for Obama, who is fighting to keep his job in the November presidential election.
Published in The Express Tribune, July 8th, 2012.