Economists Agree: The Obama Economy Is Losing Momemtum
Barack Obama is the worst president in history on job creation–
According to data from the U.S. Bureau of Labor Statistics, the U.S. shed 2.3 million jobs since February 2009, Obama’s first full month in office. Since Obama’s election in 2008, the US economy has shed 4.4 million jobs. That’s worse than Herbert Hoover.
Despite the democrat’s trillion dollar failed stimulus, economists agree that the US economy is losing momentum. The unemployment rate is expected to tick up this month. Last week Vice President Joe Biden admitted that the Obama Administration won’t be able to create lost jobs.
The AP reported:
Concerns are rising that the economic rebound is stalling, but a strong jobs report on Friday would go a long way toward assuaging those fears.
Conversely, a report showing private employers failed to create many jobs in June will amplify worries that the recovery is weakening and won’t be strong enough to put many of the 15 million unemployed back to work anytime soon.
“The economy is losing some momentum,” said Ryan Sweet, senior economist at Moody’s Economy.com. “We need to see private hiring really accelerate.”
Analysts forecast that employers cut a net total of 110,000 jobs in June, which would be the nation’s first loss of jobs in six months. But that figure includes the expected end of about 240,000 temporary census jobs.
Economists will focus more on private employers, who are forecast to have added 112,000 positions. That would be the sixth-straight month of gains and an improvement from a weak showing of 41,000 in May.
But the unemployment rate is forecast to tick up to 9.8 percent from 9.7 percent. The report will be released Friday at 8:30 a.m.