All fast facts for Jobs & Economy are from the non-partisan Congressional Budget Office (CBO) and Bureau of Labor Statistics (BLS). They do not represent all of their reports on this subject. Some simply provide historical perspective. Occasionally minor word adjustments may have been made for clarity or to reflect the updated nature of the statement.As always, verify and view statements in their full context as often as possible.
The rate of unemployment in the United States has exceeded 8 percent since February 2009, making the past three years the longest stretch of high unemployment in this country since the Great Depression.Click here to verify
In CBO’s assessment, the various effects of extending additional unemployment benefits apart from the effects on the overall demand for goodsand services would, on balance, increase the measured unemployment rate (primarily by keeping workers in the labor force) but have little effect on the number of people employed. Click here to verify at Page 27
U.S. gross domestic product (GDP) stood at negative 6.7 percent in the first quarter of 2009 when President Obama took office. It climbed to 3.9 percent in the first quarter of 2010, before it began to decline again, falling to as low as 0.4 percent in the first quarter of 2011. However, it has increased each quarter since then and, in the fourth quarter of 2011 stood at 2.8. Click here to verify
The creation of new jobs is probably hindered today not only by the weak current demand for goods and services but also by some firms’ lack of confidence in the sustainability of the economic expansion and by remaining constraints on access to credit for some firms. In addition, some businesses may be unsure and concerned about how they will be affected by the implementation of recently enacted financial and health care legislation, by the governments regulatory policies in other areas, and by possible future changes in federal tax and spending policies.Click here to verify at Page 46
Although findings from studies vary greatly, the weight of the evidence suggest that raising the minimum wage has a negative but small effect on the employment of low-wage workers. Click here to verify at Page 4