Labor Department Numbers Show Economic Growth Slowing, Unemployment Rising
NEW YORK (CBSNewYork) — The Labor Department has released some grim numbers showing economic growth is slowing and unemployment is rising.
Hiring slowed to a crawl last month with employers adding only 54,000 new jobs — the fewest in eight months — and the unemployment rate climbed higher to 9.1 percent.
For millions of job hunters it’s another discouraging sign.
“It’s really taxing on you and it’s hard to keep your morale up,” said Indigo Trabanco, a creative director who worked for Ralph Lauren.
Trabanco has been out of work for a year and a half.
1010 WINS’ Juliet Papa reports: Economic Growth Slowing, Unemployment Rising
“Companies are hiring a lot of the younger people that are coming out with computer skills,” Trabanco said. “People in my age bracket find it very difficult because they don’t have the skills.”
On Wall Street, investors have been nervous all week about this report. It was even worse than expected and is creating serious concern about the state of the economy.
“The recovery has slowed, it has not created enough jobs to bring down unemployment and we are in danger of a double-dip recession,” economist Peter Morici.
President Barack Obama spoke about the labor situation Friday afternoon from a Chrysler plant in Ohio but Republicans didn’t wait to throw blame at the White House.
“We’re serious about creating jobs in America but can’t keep raising taxes on people who create jobs and spending money we don’t have,” Speaker of the House Rep. John Boehner said.
Economists hope the slowdown is due to temporary factors, like higher gas prices, that force employers to cut costs.
For now, nearly 14 million Americans are still looking for work.
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