Unemployment Rate Rose to 7.9%. Economic Growth is Far Too Slow

Feb 1, 2013

Photographer: Andrew Harrer/Bloomberg.

The Bureau of Labor Statistics reported that the unemployment rate in January rose to 7.9%, and only 157,000 jobs were added.  At this rate of growth, we won't reach pre-recession employment levels until after 2025, according to The Hamilton Project's jobs gap calculator.

U.S. Chamber of Commerce Chief Economist Martin Regalia commented on the job numbers:

The jobs report showed that while the economy gained 157,000 jobs, the unemployment rate rose to 7.9%.  There is no acceleration in the economy and the rate of growth remains far too slow.  Since the economic recovery began, we have averaged about 150,000 jobs added per month. This consistently low growth rate illustrates the need to implement policies in Washington that address our long-term fiscal problems through entitlement reform and getting our debt and deficits under control.”

The U.S. Chamber's American Jobs and Growth Agenda lays out a number of policies to boost the economy and put more Americans back to work.

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