The White House has a mixed assessment for the July jobless numbers. Officials are “pleased but not satisfied” with the rate. Yet, presidential spokesman Robert Gibbs contends the numbers are “more evidence we have pulled back from the edge and away from the brink of a depression…the pace of job loss is declining that is positive.”
The July figures dropped to 9.4 percent overall compared to 9.5 percent in June. In July, total employment fell by 247, 000, a much lower job loss than months prior.
The White House still believes the unemployment rate will hit 10 percent before the end of 2009.
In describing the scenario, Gibbs uses the analogy of a person in critical condition whose fever spikes several times before it stabilizes. Gibbs says, “two-thirds of the medicine has yet to be taken”. That medicine Gibbs is speaking of , the Recovery Act. they believe it is still working.
A breakdown of unemployment numbers for July: adult men (9.8 percent), adult women (7.5 percent), teenagers (23.8 percent), whites (8.6 percent), blacks (14.5 percent), and Hispanics (12.3 percent), the rate for Asians was 8.3percent.