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among recent veterans fol low employment trends among the entire working age population Indeed the 12 month moving average for unemployment rate for all veterans of 6 7 percent is slightly lower than the overall...employment prospects of both veterans and non veterans This recovery which is four years old this month is the weakest in seven decades Consequently the United States has 1 2 trillion less today in real...disposable income per capita this anemic recov ery has generated about 2 800 less in income after inflation and taxes for every American than an average post 1960 recovery would have generated And why are...

which the current historically weak economic recovery translates into 100 000 fewer new jobs per month and workers realizing only a mere frac tion of the increase in real disposable income during an average...economy But what happens if we do not move forward Dr Kugler So we know from data just from last month that about 17 percent of employers are unable to fill their vacancies 36 percent are unable to find...that since I worked on some of them Thank you In the testimony before the Judiciary Committee last month this will be our last thing on the debt issue with regard to the Her itage study but you mentioned...

that began in June 2009 is now nearly five years old Yet a NBC News Wall Street Journal poll last month found that 57 percent of Americans still think the economy is in a reces sion This is likely due to...payrolls increased by 192 000 and the offi cial unemployment rate remained unchanged at 6 7 percent last month is positive news but it is simply not enough I agree with Federal Reserve Chair Janet Yellen s recent...when we shed more jobs in this country We were losing jobs at a rate of 700 000 per month We shed more jobs in one month than there are people in Vermont 4 Five years later we are now adding jobs We have...

kinds of pressures on China which might want to change on its own One is that it is facing high inflation and so they need to appre ciate the currency to bring down the cost of imported goods Second China...

jobs We recently learned that China allowed its currency to weaken more in May than in any other month since 2005 Chairman Bernanke has testified previously that allowing the yuan to appre ciate would...down ward Four and a half years after the recession began Americans are enduring the 40th straight month of an official unemployment rate at or above 8 percent This is a post World War II record And much...massive amount of liquidity the Fed has already injected into the economy could trigger higher inflation before the Fed can execute its exit strategy I also believe another round of Fed intervention will...

default for several months Last month Treasury Secretary Lew informed Congress that those extraordinary measures would run out in mid October In other words we have about a month left to take action that will...small but positive step in the appropriate direction The chained CPI is a more accurate measure of inflation and adopting it would both cut entitlement spending and raise tax revenue The budget savings would...pass a continuing resolution to extend current spending authority which expires at the end of this month A shutdown that lasts only three or four days would have modest economic consequences costing the...

your service to the country We have a lot to report on today Before we get into the numbers for this month I just wanted to add a few words about some of the trends we have been seeing over the last couple...jobs have been created and the unemployment rate has begun to come down though it ticked up this month and we will get to that in a moment If we look at the last 14 months we have now recorded over those...eight of the past nine months the economy has added more than 100 000 private sector jobs during each month In February March and now April we have added more than 200 000 private sector jobs VerDate Nov 24...

the facilities sustained damage For example Hurricane Katrina made landfall on Aug 29 2005 and a month later 900 000 million b d of refining capacity remained shut down Hurricane Rita made landfall several...

the report today shows that the economy added 230 000 private sector jobs last month making March the 13th straight month that we have employment gains in the private sector Also we gained 216 000 jobs...good enough We have to con tinue to focus on ways to create jobs at a faster pace every month not just one month and not just two months in a row we need to continue to move in the right direction The...000 per month In March job growth occurred in professional and business serv ices health care leisure and hospitality and mining Manufac turing employment continued to trend up over the month Professional...

and we are also here to recognize Deputy Commissioner Phil Rones who is retiring at the end of this month We just had a picture taken Phil if it does not turn out we will do it again Laughter But we are grateful...this marked the 24th consecutive month of expansion in the manufacturing sector it was the lowest reading since 2009 since July of 2009 On Tuesday we learned that in the month of June consumer spending declined...all this bad news So we are going to hear a lot more about today s report We know that during the month of July the economy added 154 000 private sector jobs That is good news but obviously not enough The...