Bush calls worst job losses in five years 'disappointing'

At the Labor Department, officials in the Bureau of Labor Statistics reported that the U.S. economy lost 159,000 jobs last month -- the steepest one-month job loss in more than five years, the ninth straight month of job losses in a row, and the most likely sign yet that the economy is heading toward a recession.

On the campaign trail, Democrat Barack Obama said the jobs numbers are proof that the policies of George W. Bush "are killing jobs every single day." Saying that rival Republican John McCain supports the same economic policies, Obama told a rally in Abington, Pa., "We cannot afford four more years of this." As for McCain, he said the numbers are proof "the economy's on the wrong track," promising to reform Washington and Wall Street.

And at the White House? President Bush said the numbers show that the economy "faces serious challenges." Speaking from the Rose Garden after the House approved a $700-billion financial rescue plan to help both Wall Street and Main Street recover from the subprime mortgage mess, he said:

This morning we learned that America lost jobs again in September; disappointing news that underscores the urgency of the bill that Congress passed today.

-- Johanna Neuman and Maura Reynolds

Photo credit: John Moore / Getty Images

Comments

[ted in pdx]

The American people shouldn't be too worried, after all, when the stock market plunged 6% on Monday (not even in the top-10 as far as percentage drops), they demanded that Congress go ahead with the 'Emergency Economic Recovery Act of 2008', and today it gave them what they wanted. We can all relax, George Bush and Henry Paulson are on duty, and they're going to take care of the problem.

I'll bet that by the Friday after Thanksgiving, all our credit limits will be reinstated, and we can go out and enjoy some serious retail therapy!

[Sean K]

Sure, Ted in PDX! And I'm sure all the troops will be home by xmas and that 'W' will personally fly around like santa on xmas eve and put Universal Healthcare in our stockings. Are you on crack? No, that wouldn't even be enough to explain it. You clearly ate the wrong kind of mushrooms.

[baz]

That trickle-down, supply-side economics, sure works well.
It's amazing how much ignorance is in this Country... how many people, still give away their precious votes, to the people who ignore them.
You betcha!

[jls]

Funny how the President wonders why the job loss is so great. We need to stop allowing, OUT SOURCING and OUT SHORING, that is why there is such a great hole in our nation, its time we as a nation stand ferm and keep our jobs at home, and if they don't want to do so, then take away their licence to do business in the USA, This means all business, its killing our nation!

[Samual]

hopefully this would awake American people.
it is the right time for Americans to look at their way off life and go back to our basic roots our parents taught us (1) spend from what you have (2) keep money for rainy days (3) don’t invest in stuff you don’t know

I don’t buy the argument that by following our parent’s advice it will not slow down American economy. During the last 20 years I believe us economy has grown at a pace of 2 to 3% while our spending expanded at a pace of 20 %. Our spending in last 20 years triggered more Shopping centers where goods are imported from the rest of world.

Btw if any one is interested in knowing how long it will take to find a job and to know how long it will take to find a job with your skills .

http://www.crootpad.com/HowLongFindAJob.aspx