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Here's Barack Obama today, talking about the new unemployment numbers:
While it's somewhat encouraging that this number is lower than it's been in each of the past six months, it's still a sobering toll. The unemployment rate is at its highest point in 25 years. It underscores the point that we're still in the midst of a recession that was years in the making and will be months or even years in the unmaking; and we should expect further job losses in the months to come. Although we have a long way to go before we can put this recession behind us, the gears of our economic engine do appear to slowly -- to be slowly turning once again. Consumer spending and home sales are stabilizing; construction spending is up for the first time in six months. ... Of course, that's no solace to those who've lost their jobs, or to the small business owners whose hearts break at letting long-time employees go.The suggestion that large business owners could care less about firings speaks to the politics of our times, and the reality that many Americans have experienced.On the substantive side, these numbers -- 539,000 jobs lost in April, bringing the unemployment rate to 8.9 percent -- are what they are: not quite as bad as was forecast, still not very good. David Leonhardt finds the bright side. The recession continues.
-- Tim Fernholz
