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Entries in Diane Swonk (1)

Saturday
Jul092011

Jobs Report Brings Pain and Blame

Comstock/Thinkstock(WASHINGTON, D.C.) -- With the latest jobs report showing that the economy gained only 18,000 jobs in June, while 200,000 people joined the unemployment lines, politicians, economists and job seekers are feeling the pain of the slow economy.

"I felt it in my gut," Mesirow Financial chief economist Diane Swonk said. "It was absolutely an incredible disappointment. This is a stage in the game where we should be seeing jobs picking up at 200,000 pace."

While Washington is one factor in the slow growth, another part of the explanation for people in Viola's situation has to do with employers who say they are afraid to hire in the environment of slow job growth.

As job seekers and business owners are discouraged by the report, many politicians in Washington took to the podium to decry the slow growth.

President Obama said the economy isn't producing as many jobs as are needed and called on Congress to seek compromise on issues like the debt ceiling and deficit, saying in his weekly address "the last thing we can afford is the usual partisan game-playing in Washington."

Some of the issues the administration has pointed to as issues that Congress can address, as it remains at a standstill on the debt ceiling and deficit, are infrastructure spending, extending the payroll tax cut and approving trade agreements.

Copyright 2011 ABC News Radio







ABC News Radio