by Bill McBride on 11/02/2009 06:33:00 PM
Monday, November 02, 2009
Update: from Bloomberg: Locke Was ‘Imprecise’ in Comments on Second Stimulus
Kevin Griffis, a Commerce Department spokesman, said in a telephone interview after Locke spoke that the secretary was referring to “all the different job-creating measures being considered” by lawmakers rather than a single stimulus measure.Earlier post: From Bloomberg: Obama’s Advisers Are Considering Second Stimulus, Locke Says
President Barack Obama’s advisers are “seriously” considering proposing a second stimulus measure to boost the economy, Commerce Secretary Gary Locke said in an interview.Atrios notes: "Had a pet theory that they'd wait until unemployment rounded that magic 10% mark."
Locke said another stimulus would be “very targeted and specific and we need to be mindful of the deficit as well.”
We could see 10% on Friday. The unemployment rate was 9.83% in September (before rounding); an increase of 0.17% from August.
Although there probably were fewer job losses in October than in September (BLS reported 263,000 jobs lost), if a few more people were participating in the work force - perhaps looking for one of the scarce holiday retail jobs - the unemployment rate could easily hit 10% for October. If not in October, then probably in November.
Posted by Bill McBride on 11/02/2009 06:33:00 PM