Labor Secretary Solis on the Ugly Unemployment Numbers

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July 2, 2009 10:25 AM EDT by Alexis Glick

Labor Secretary Solis on the Ugly Unemployment Numbers

This morning's job data was ugly. The unemployment rate is now up to 9.5%--the highest rate in 26 years. More than six million people have lost their job since the recession began in December 2007. Nine million would like to get a part-time job and cannot find one and 14.7 million are without work. It is disheartening! If there is one sign of hope it is that the numbers are declining. Back in January over 700k jobs were lost. In June we lost 467k.

The thing we have to worry about is the hours worked which declined once again. Even Gov. Schwarzenegger under executive order yesterday instituted a 3rd day of furloughs. This is not a good sign. At the same time wages are declining. Also a big problem for this economy. Americans are saving more which means less discretionary spending. Not good for the economy.

The Administration is under severe pressure to fix the problem and so far the results have been weak. The fiscal stimulus package which was intended to save or create 2.5 to 3.5 million jobs is not delivering and the Administration knows that. They're rushing to get the money out.

In a First on FOX this morning, the Labor Secretary Hilda Solis joined me. She told me what they are doing about job creation, where they are seeing signs of hope and how long this will take. In my last question to her I said, "What do you say to those people who are losing hope?" Listen to what she says.

They have their work cut out for them and patience is running thin.

7 Comments

NORTHWEST IOWA

Secretary Solis and her boss don't have a clue of what they are doing...just a bunch of sound good words. If they had ANY early success they would have been publishing it everywhere. They don't know their rearend from a hole in the ground when it comes to stimulating the economy for LONG TERM GROWTH / JOBS! What a bunch of counterfeits!

July 8, 2009 at 4:22 pm

David Powell

You idiots will never get it???? If you want to turn the economy aroud reduce my taxes ill spend money all over the world. The Govt. cannot simiulate the economy, but i guess will try again as did the former soviet union. See you at the next election.

July 7, 2009 at 6:11 pm

Leonard Garcia

In my opinion unemployment would have dropped for the 700k in Jan to 400K without government doing anything. The response she gave that what they have done dropped this to 400k is pure political garbage. They never ever answer the questions directly they always point back. You got a stimulus and it is not working. I don't want the Secretary and the government to take credit when it is not what they've done that has caused the decline. Employers have cut all the can cut without ruining their business. Lets get out of government trying to control everything. I have no trust in this administration.

July 4, 2009 at 12:50 pm

Stephen

Obama would not of won the election if the economy had not cratered about the time of the election. Bush inherited a recession also in his first term. He turned that around and won a second term. If the economy doesn't turn around shortly congress will be much fuller of Republicans after the midterm elections and Obama will not win a second term. Fair or not the current administration will be blamed for economy.

July 4, 2009 at 9:48 am

steve bishop

again she must be reading the obamaprompter. being a small business owner there is nothing they have done to help and alot to slow us down. give us a tax break to buy and sell equipment, give us business tax relief to hire more people, quit taking more tax and spending it like drunken sailors in political garb we will spend it on real growth.

July 2, 2009 at 1:49 pm

wolfkicker

“What do you say to those people who are losing hope?” That's the key. What do you do when you've done all you can and still no jobs???

July 2, 2009 at 12:29 pm

Michael Syvertsen

"Change you can count on". This is only the pause before the big crash. Obama can't print enough money NOR entice foreign investors to prop up his liberal cause. The depreciation cycle will continue until the inflation spiral kicks in. When is this nation going to wake up? I just hope it is not too late. Cap and Trade, Illegals, and Universal Health Care will utterly destroy our economy and there will be serious obligations for generations to come.

July 2, 2009 at 11:50 am

about this blog

Alexis Glick is an anchor for FOX Business Network. Prior to joining FOX, Glick served as a correspondent for the Today Show and co-anchored the third hour of that program. Before her stint at NBC News, she was the senior trading correspondent for CNBC and reported from the floor of the New York Stock Exchange.
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