Nancy Pelosi Thinks Sluggish Jobs Report Sign of Progress
House Minority Leader Nancy Pelosi (D-CA) thinks January's jobs report is a sign of progress, though economic analysts believe it represents, at best, an economy stuck in place.
Even though the report showed that the economy did not add the 150,000 jobs necessary to keep up with the growth in population, Pelosi said in a statement, “Today’s jobs report shows our recovery continuing to move forward."
She also said her colleagues in Congress could do more to "create jobs and build an economy that works for everyone." She slammed Republicans for not extending unemployment benefits and playing "politics with the lives and livelihoods of millions of Americans.”
According to Reuters, though, January was the "second straight month of weak hiring - marked by declines in retail, utilities, government, and education and health employment." In addition, the last two months represented the "weakest two months of job growth in three years, [as] December payrolls were raised only 1,000 to 75,000."
The Associated Press was not optimistic either, saying that the "surprisingly weak jobs report" will renew concerns that the "U.S. economy might be slowing after a strong finish last year" and "undermine hopes that economic growth will accelerate this year." The AP also noted that employers added 194,000 jobs last January while only adding 113,000 this January. The unemployment rates for blacks and Hispanics also increased from the previous month.