from centredaily.com:
....(snip)....
Q Can you talk about the jobs report this morning and the administration's reaction? And I have a follow-up.
MS. PERINO: Oh, thanks for the warning. (Laughter.) The jobs report today was what we get every -- the first part of every month. We had a loss of 51,000 jobs. That was lower than what was expected, but the unemployment rate increased to 5.7 percent. At the same time, I think you can fairly call this a mixed report, as wages rose by 3.4 percent over the last 12 months, and understandably higher energy prices do eat into those wages. But it's better that they are increasing than going the other way.
Obviously we would prefer and we would -- we are working to improve the job outlook for our economy. So we are displeased with this report. And while the economy is not as strong as we would like, we are encouraged that the overall economy seems to be doing slightly better, as the GDP report showed yesterday. It showed what we had anticipated, which is that the stimulus package is having an impact. And so that is a positive sign.
And as I mentioned, the higher energy prices that eat into people's wages and the housing downturn -- while all that is going on, our economy remains very resilient. And Secretary Paulson this week at the Cabinet meeting stressed that he remains solidly confident in the long-term fundamentals of our economy. Exports are strong, consumer spending has kept up, and productivity has been solid.
One thing we are concerned about is the impact of the extension of the unemployment benefits. Our economists expect that the extension will add to the unemployment rate over the course of the year. We used to provide 26 weeks of benefits; that was extended for an additional 13 weeks. So that's almost three-quarters of a year for people that could get benefits. For some it's taking them longer to find a job, but that's one of the consequences of increasing unemployment benefits is -- or extending unemployment benefits -- unemployment rate can go up. It's of the problems with it.
....(more) at:
http://www.centredaily.com/business/story/750703.html