Mark Knoller from CBS News reports this morning that President Obama, in a statement in the Rose Garden, “will stress his budget’s top objective is to boost the economy and create jobs.” To do that, he’ll have to contradict what he previously described as “the consensus among people who know the economy best.
When the monthly employment report came out Friday morning, Alan Krueger, Chairman of President Barack Obama's Council of Economic Advisers, quickly commented on the White House blog. He began with the observation that "more work remains to be done":
White House economist Alan Krueger said this morning on CNBC that today's jobs report doesn't change the president's economic policy:
"Dr. Krueger," Jim Cramer asked, "is there anything that just happens today--the president comes out, says, listen, we got together right now with Republican, we go to do something. This is a really bad number. Is there anything that just changes today?"
The latest jobs numbers, from the Bureau of Labor Statistics:
Nonfarm payroll employment edged up in March (+88,000), and the unemployment rate was little changed at 7.6 percent, the U.S. Bureau of Labor Statistics reported today. Employment grew in professional and business services and in health care but declined in retail trade.
The reading fell to 71.8 from 77.6 in February, as Bloomberg reports. Almost as disturbing as the actual decline is the gap between what the experts predicted and what actually came to pass. This was, according to Zero Hedge, "the biggest miss on record."