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Press Release - What They're Saying: Another Bad Month In The Obama Economy

August 03, 2012

Former Obama Economic Adviser Austan Goolsbee: "Our Growth Rate Is Measly, And With A Measly Growth Rate, There's No Secret There Are Not Going To Be Many Jobs." GOOLSBEE: "Our growth rate is measly, and with a measly growth rate, there's no secret there are not going to be many jobs. I haven't seen any change in the dynamic the last three, four months." (CNBC's "Squawk Box," 8/3/12)

MarketWatch: "The Unemployment Rate Ticked Higher To 8.3% ... The Highest Rate Since February." "The unemployment rate ticked higher to 8.3% in July from 8.2% in the previous month. This is the highest rate since February." (Greg Robb, "Nonfarm Payroll Up 163,000 In July, Rate At 8.3%" MarketWatch, 8/3/12)

Bloomberg, On The "Underemployment Rate": "Increased To 15 Percent From 14.9 Percent." "The so-called underemployment rate -- which includes part- time workers who'd prefer a full-time position and people who want work but have given up looking -- increased to 15 percent from 14.9 percent." (Shobhana Chandra, "U.S. July Payrolls Rise More Than Forecast; Unemployment 8.3%," Bloomberg, 8/3/12)

Fortune's Leigh Gallagher: "This Has Been A Pretty Bad Couple Of Weeks. ... We've Got Some Negative Indicators Out There, More So Than Even One Month Ago." GALLAGHER: "This has been a pretty bad couple of weeks. If you look at profits are starting to slow, which was the one bright spot in the economy. You know, GDP here in addition to China and Europe is slowing. So we've got some negative indicators out there, more so than even one month ago." (MSNBC's "Morning Joe," 8/3/12)

The New York Times: "The Pace At Which The Economy Has Been Adding Jobs Last Few Months Is Just Barely Fast Enough To Absorb The Growth In The Labor Force." "And the pace at which the economy has been adding jobs last few months is just barely fast enough to absorb the growth in the labor force. As a result, the unemployment rate ticked up, to 8.3 percent, from 8.2 percent." (Catherine Rampell, "U.S. Added 163,000 Jobs In July; Jobless Rate Ticked Up," The New York Times, 8/3/12)

  • "Economists Are Not Expecting Job Growth To Pick Up Much Anytime Soon." (Catherine Rampell, "U.S. Added 163,000 Jobs In July; Jobless Rate Ticked Up," The New York Times, 8/3/12)

Neal Soss, Chief Economist At Credit Suisse: "This Is The Weakest Recovery We've Ever Seen, Weaker Even That The Recovery During The Great Depression." "'This is the weakest recovery we've ever seen, weaker even that the recovery during the Great Depression,' said Neal Soss, chief economist at Credit Suisse. 'If you're not scared by that then you're not paying attention.'" (Catherine Rampell, "U.S. Added 163,000 Jobs In July; Jobless Rate Ticked Up," The New York Times, 8/3/12)

National Journal: "The Pace Of Growth Still Not Strong Enough To Bring Down The Unemployment Rate Over Time." (Jim Tankersley, "U.S. Jobs Grew 163,000 In July," National Journal, 8/3/12)

The Associated Press: "The Economy Remains Weak More Than Three Years After Economists Declared The Recession Had Ended In June 2009." "Despite July's job gains, the economy remains weak more than three years after economists declared the recession had ended in June 2009." (Christopher S. Rugaber, "US Economy Adds 163K Jobs, Rate Rises To 8.3 Pct.," The Associated Press, 8/3/12)

ABC News: "In The Past Two Months, New Jobless Claims Have Been Higher Than Earlier In The Year..." (Bill McGuire And Susanna Kim, "July Unemployment Rises To 8.3 Pct., Job Creation Strengthens," ABC News, 8/3/12)

The Wall Street Journal: "A Further Worrying Sign Came In The Count Of Persons Counted As Employed, Which Fell By 195,000 Last Month." (Phil Izzo, "Why Did Unemployment Rate Increase?," The Wall Street Journal, 8/3/12)

CNN Money: "The Unemployment Rate Unexpectedly Rose To 8.3% As Households Claimed They Lost 195,000 Jobs." "But at the same time, the unemployment rate unexpectedly rose to 8.3% as households claimed they lost 195,000 jobs." (Annalyn Censky, "July Jobs Report: Hiring Picks Up, Unemployment Rises," CNN Money, 8/3/12)

  • "Revisions From Previous Months Also Showed The Economy Gained 6,000 Fewer Jobs In May And June Than Originally Thought." (Annalyn Censky, "July Jobs Report: Hiring Picks Up, Unemployment Rises," CNN Money, 8/3/12)

Mitt Romney, Press Release - What They're Saying: Another Bad Month In The Obama Economy Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/302236

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