The FOMC, the policy committee of the Federal Reserve, released Wednesday its statement on the economy, restating its pessimism about economic growth while pledging to inject additional money into the economy by purchasing long-term bonds while simultaneously selling off some of the short-term bonds it currently holds.
Larry Summers, the head of the National Economic Council and an adviser to President Barack Obama, is stepping down at the end of the year.
This morning, President Barack Obama held a press conference, the eighth of his tenure, and focused mostly on the economy. Here’s a rundown of what he had to say.
Christina Romer, leaving her position as the head of the White House’s Council of Economic Advisers this week, gave a flash response to the jobs report released this morning, which showed a slight rise in the unemployment rate. She focused, as the administration has focused for months, on More…
This morning, the Department of Labor announced that the unemployment rate climbed from 9.5 percent in July to 9.6 percent in August, as economy-wide lack of demand kept businesses from hiring new workers. Some economists expected a worse report, and the August data offers more evidence of a stall-out More…
I highly recommend that anyone with interest in economics read the full text of the speech (PDF) Christina Romer, outgoing head of the Council of Economic Advisers, gave yesterday. It is personal and hardly academic — very easy to get through — and both the best full-throated defense of More…
Today, Christina Romer leaves her post as the head of the Council of Economic Advisers to return to the West Coast. The economist was among the most liberal in the White House, routinely pushing for more stimulus and government aid to help the ailing economy. In her last remarks as More…
The White House’s response to this morning’s dismal jobs report? Everything is coming up daisies — just really, really slowly. Christina Romer, the head of the Council of Economic Advisers, wrote:
Today’s employment report shows continued signs of gradual labor market recovery. Private nonfarm payroll employment increased by 83,000
The May jobs number is out, and at first blush it looks good. The economy added 431,000 jobs in May and the unemployment rate tracked down to 9.7 percent. But the report, in reality, is terrible, another sign of the long-standing crisis of joblessness in the United States. Economists More…
Digging a bit deeper into the annual White House economic report, released yesterday, there’s this statement about the enormity of the nation’s jobs crisis. “[E]ven a quick return to job growth will not immediately eliminate employment problems, as it will take time to create the millions More…
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