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The White House says America's employment picture is worse than the Obama administration had anticipated just a few months ago. The somber1 admission follows the latest jobless report showing the highest unemployment rate the United States has seen in more than 25 years.
People line up at the Anaheim Orange County Job Fair and Expo in Anaheim, CA, 03 Jun 2009
U.S. unemployment jumped a half percent in May, to 9.4 percent prompting this comment by Austan Goolsbee, a member of President Barack Obama's Council of Economic Advisors2:
"The economy clearly has gotten substantially worse from the initial predictions that were being made, not just by the White House, but by all of the private sector," said Austan Goolsbee.
Economists3 point out that the current jobless rate is already higher than the hypothetical rate that was used to calculate the health of banks and other financial institutions in so-called "stress tests" earlier this year. And, the upward unemployment trajectory4 is expected to continue in coming months, even if the overall economy begins to recover.
Austan Goolsbee spoke5 on Fox News Sunday:
"It is going to be a rough patch [difficult period], not just in the immediate6 term, but for a little bit of time [in the future]," he said. "You have to turn the economy around, and jobs and job growth tends to come after you turn the economy around."
But Friday's employment news was not all bad. Although the U.S. jobless rate continues to spike7 higher, the actual number of Americans who lost jobs during the month was the smallest since last September, the fourth consecutive8 month in which the pace of job losses slowed.
How can the unemployment rate continue to rise sharply while job losses are growing milder? Goolsbee says recent indicators9 showing improvement in some sectors10 of the U.S. economy are encouraging Americans who had stopped looking for work to re-enter the job market. With a larger pool of workers comes higher unemployment when the economy continues to shed jobs.
Last week saw the federal government become a majority shareholder11 in U.S. automaker General Motors, which filed for bankruptcy12. Also appearing on Fox News Sunday, Alabama Republican Senator Richard Shelby was asked if the United States is headed towards a form of socialism. Shelby noted13 that GM is just the latest private corporation to fall under government control since the financial crisis struck last year.
"They [federal officials] intervened last fall in the bank crisis," said Senator Shelby. "No one has ever done it on that scale before. Now the automobile14 crisis. There is no doubt that we are going to government intervention15 everywhere, government ownership [that is] unprecedented16 in this country. It is a slippery slope."
President Obama has said he has no interest in running General Motors, and will leave company decisions to GM senior management. Mr. Obama has said the federal government's ownership of GM shares will be temporary.
1 somber | |
adj.昏暗的,阴天的,阴森的,忧郁的 | |
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2 advisors | |
n.顾问,劝告者( advisor的名词复数 );(指导大学新生学科问题等的)指导教授 | |
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3 economists | |
n.经济学家,经济专家( economist的名词复数 ) | |
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4 trajectory | |
n.弹道,轨道 | |
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5 spoke | |
n.(车轮的)辐条;轮辐;破坏某人的计划;阻挠某人的行动 v.讲,谈(speak的过去式);说;演说;从某种观点来说 | |
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6 immediate | |
adj.立即的;直接的,最接近的;紧靠的 | |
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7 spike | |
n.长钉,钉鞋;v.以大钉钉牢,使...失效 | |
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8 consecutive | |
adj.连续的,联贯的,始终一贯的 | |
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9 indicators | |
(仪器上显示温度、压力、耗油量等的)指针( indicator的名词复数 ); 指示物; (车辆上的)转弯指示灯; 指示信号 | |
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10 sectors | |
n.部门( sector的名词复数 );领域;防御地区;扇形 | |
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11 shareholder | |
n.股东,股票持有人 | |
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12 bankruptcy | |
n.破产;无偿付能力 | |
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13 noted | |
adj.著名的,知名的 | |
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14 automobile | |
n.汽车,机动车 | |
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15 intervention | |
n.介入,干涉,干预 | |
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16 unprecedented | |
adj.无前例的,新奇的 | |
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