Friday, April 30, 2010

Brady Campaign Touts Lead in Emails


Voters continue to support Bill Brady's call for a clean break from the old politics in Illinois. In fact, a sixth consecutive poll, released today, shows a big lead. Rasmussen Reports reveals Bill beating Pat Quinn by 45 to 38 percent. Only 40 percent of voters approve of Quinn's job as governor.

Clearly voters are against Quinn's push to raise state income taxes by 33 percent. The "iTunes" tax plan and canoe czar fiasco further showed the governor's inability to stand up for Illinois voters.

In fact every statewide public poll released in the past month has shown Bill Brady with a significant lead against Pat Quinn. A survey conducted in southern Illinois shows Bill Brady leading Quinn there 49 to 25 percent.

Economy Shows Recovery is Underway

The Government reports the US economy grew 3.2% in the first quarter.

One concern -- but not the only one -- is that just as the private sector is recovering and starting to hire, we have state and local governments cutting back on spending and laying workers off.

WSJ: Will Obama Push to Replace Giannoulias on the Democratic Ticket?

BTW -- Remember the old days when winning a primary meant you were going to be the candidate in the general election.


We're hearing that Team Obama is increasingly eager to throw the Democratic Senate candidate from Illinois, Alexi Giannoulias, under the bus and replace him with someone who can win. The news gets worse and worse for the former wonderboy of Illinois politics. Mr. Giannoulias's family bank, Broadway Bank, collapsed and was seized by federal regulators. Now there are allegations of bank fraud. No wonder Democrats in the state are hyperventilating.

Mr. Giannoulias lags behind Republican Mark Kirk in money and in the polls, though he still has the support of the senior senator from Illinois, Dick Durbin. But the White House wants the "Obama seat" to remain in Democratic hands. Mr. Giannoulias is unmistakably seen as damaged property.

One intriguing idea being considered: Force Mr. Giannoulias out of the race and replace him with . . . Rahm Emanuel. Mr. Emanuel is still popular in Illinois and there was a big push to get him handpicked as the Obama successor back in late 2008. Democrats have used the shaft-and-shift strategy before, as in New Jersey in 2002 when they dumped a walking wounded Bob Torricelli as their Senate candidate a few weeks before Election Day.

Republicans, of course, are perfectly happy with the current field. "We want Giannoulias to be the Democratic candidate," says Republican Illinois House member John Shimkus. "We hope he doesn't dive too much in the polls at this point." But he also adds: "Our biggest worry would be that they replace him with Lisa Madigan." Ms. Madigan, the state's attorney general and daughter of the long-time speaker of the Illinois House, has so far said "no" to constant entreaties to run for Senate. Mr. Kirk has told me: "Lisa is the one Democrat I would not want to run against."

In the meantime, the Kirk campaign is hitting Mr. Giannoulias hard on bad bank loans he made when he worked at Broadway Bank. The campaign says their Democratic opponent engaged in "reckless business decisions that drove his bank into the ground." These decisions, the Kirk campaign alleges, will wind up costing the federal taxpayers nearly $400 million.

What seems increasingly certain is that if Mr. Giannoulias stays on the ticket, he will hand the Senate seat to Republicans. Democrats need a replacement and muscling Rahm Emanuel onto the ticket as the Democratic candidate has obvious appeal. This is the Chicago way of politics, and no one does it better than Rahm.

Thursday, April 29, 2010

GOP Gov Candidate Bill Brady Calls on Gov Quinn to Back Building of Walmart SuperStore on Chicago's Southside


CHICAGO -- Bill Brady continued his campaign against "food deserts" today, again saying that Governor Pat Quinn should speak out firmly to allow a job-creating Wal-Mart in the Pullman neighborhood of Chicago.

Brady has long been a voice to bring opportunity to food deserts in Chicago, introducing legislation on the issue last May and visiting hard hit areas. A vote on the Pullman project is expected in the city zoning commission next week.

"Whose side is the governor on?" Brady asked. "Instead of trying to raise our taxes, he should be standing up for raised opportunity. And I support those who understand that one of the most effective anti-violence programs is jobs."

Last week, Brady noted the significant campaign contributions that Quinn has taken from the major opponents of the Wal-Mart project.

Last May, Brady, a State Senator and candidate for governor, introduced legislation that would prevent municipalities from blocking the construction so-called big-box stores. He has also visited an area in the Chatham neighborhood to show his support for a proposed Wal-Mart there.

Chicago Mayor Richard Daley and Alderman Anthony Beale (9th) support the Pullman Wal-Mart. It would be located in Beale's community. Many local residents and leaders have also spoken out in support, and the the Chicago Tribune has editorialized in favor of the project. News reports today say unions and Wal-Mart will be meeting to talk about ways to go forward with the project.

"It couldn't be more timely for the governor to speak up. Public officials must not stand as an obstacle between hard-working people and the places they want to work and shop," Brady said. "The governor's vocal support could help move this forward. If we are serious about combating unemployment and violence, let's let people work."

According to reports, the ward is facing 30% unemployment. The project, which awaits approval from the zoning commission and city council, would create almost 4,000 jobs, including about 780 unionized construction workers. The store would then hire nearly 700 employees.

"Like the mayor and alderman, I believe we should support opportunity in a place where so many people are now unemployed," Brady said. "I hope Pat Quinn strongly agrees."

Astellas Pharma Picks Illinois for Its HQ: 150 New Jobs May Result

GLENVIEW, IL – April 29, 2010. Governor Pat Quinn today announced an approximately $4 million investment package to assist Astellas Pharma US, Inc in establishing their new corporate headquarters for the Americas in Glenview. The state’s business package will leverage $140 million in private investment and will create 150 new jobs, further strengthening the economy of Northeast Illinois.

“I am pleased Astellas selected Illinois for its new headquarters for the Americas,” said Governor Quinn, who attended the company’s groundbreaking ceremony. “This major investment will create new jobs and generate economic activity throughout the region. At the same time, this decision highlights Illinois role as a Midwestern leader in the life sciences business and its emergence as a vital base of operation for the biopharmaceutical industry’s future growth.”

Construction of the new headquarters is scheduled to be completed in the spring of 2012. It will include two six-story buildings totaling 425,000 square feet. The buildings and site will emphasize sustainability and the complex is designed to achieve LEED Gold certification. The company’s current Deerfield-based employees will be relocating to the new headquarters.

“At Astellas, we measure success not only by bringing innovative and effective pharmaceuticals to patients and physicians, but also by our contributions to local communities and protection of the environment,” said Seigo Kashii, President and CEO of Astellas Pharma US, Inc. “Today we are fulfilling our vision for continued growth through our groundbreaking for a new corporate headquarters.”

The state’s investment package, administered by the Department of Commerce and Economic Opportunity (DCEO), will consist of Economic Development for a Growing Economy (EDGE) corporate income tax credits, which are based on job creation, and Employer Training Investment Program (ETIP) job training funds that will help enhance the skills of its workforce.

“In order for our economy to continue growing, we must continue making strategic investments on the local level that will create jobs and support long-term sustainable growth,” said DCEO Director Warren Ribley. “Our investment in Astellas will pay dividends for this region and the state.”

Astellas’ expansion will also support Illinois’ growing life sciences industry. Illinois’ biopharmaceutical industry, which is supported by the state’s highly-regarded federal labs and top-notch research universities, directly employs more than 40,000 people and supports more than 112,000 indirect and induced jobs.


Monday, April 26, 2010

Political Analyst Charlie Cook Says Illinois Senate Race Now "Leans Republican"

Marathon Pundit notes that famed politial analyst Charlie Cook moves the IL Senate race to "Leans Republican" in the wake of the Broadway Bank Closure

Video: Sen Burris' Statement on US Senate Floor in Support of Financial Reform Bill

Scott Brown Victory Pays Off for GOP Today as US Senate Dems Fail to Cut Off Republican Filibuster of Financial Reform Bill

From the NY Times

Senate Republicans, united in opposition to the Democrats'
legislation to tighten regulation of the financial system,
voted on Monday to block the start of floor debate.

The vote was 57 to 41, as Democrats fell short of the 60
votes needed to cut off a filibuster of the motion to proceed
to the bill. One Democrat, Senator Ben Nelson of Nebraska,
sided with Republicans apparently out of concern over a
provision related to tightening the rules on derivatives

Friday, April 23, 2010

Giannoulias Statement on Closure of Broadway Bank

After coming to America as an immigrant from Greece, my father decided to start his own community bank to help give others a chance at the American dream. My father and my mother are my personal heroes. Over the last 30 years, that bank has helped thousands of people start their first businesses, build homes, and follow their own dreams. I was raised in my father's business, and I am extremely proud of the lessons I learned there and the values my father taught us all. I remember learning from him at a young age that it is our responsibility as Americans to help people, show them compassion, and try to help everyone achieve their own dreams.

It was because my father instilled in his sons the importance of helping others that I decided to leave the bank in 2005 to pursue public service. At the time I left, according to every independent analysis, the bank was one of the best performing in Illinois.

During my campaign for State Treasurer, I took the perseverance I learned from my father and I hit the campaign trail. I told the people of Illinois the facts and shared with them my vision for the State Treasurer's office. In the middle of that campaign, my father suddenly died. It was the worst day of my life.

Tragically, over the past few years, the economy has sailed into uncharted waters that even my father, in his 30 years of banking, could never have foreseen. Wall Street greed coupled with lax oversight by Washington politicians led to a deep recession that leveled a crippling blow to the commercial real estate market. In the wake of that economic tsunami, hundreds of community banks are now struggling and being forced to close their doors. Sadly, like 50 others this year alone, Broadway is no exception. The unraveling of the real estate market has taken a gigantic toll on homeowners, businesses, community banks, and families throughout our country.

Tonight, after months of struggling to get out from under the weight of the collapsed economy, my father's business was sold. Broadway Bank is among almost 700 banks nationwide that have entered into regulatory agreements in the past year alone. And it is now among over 200 that have had to change ownership over the last two years. Just tonight, six other community banks in Illinois have also been closed. Unlike some larger financial firms, there was no bailout for my father's bank.

It is an incredibly sad and heartbreaking day for me and my family. The bank opened the door for thousands of families that were turned away by the big banks. It has started hundreds of businesses that never would have gotten off the ground without it. My father and my brothers have changed the lives of so many families and entrepreneurs both in the Edgewater community and throughout the country. They have become an intimate part of so many customers' lives. I am immensely proud of what my father created and the lives he and my brothers have touched.

While this is a surreal and extraordinary day for me, unfortunately, the struggle of family businesses across the State has become all too ordinary. But the knowledge that what has happened tonight is just a sliver of the hardship which has become endemic in our society strengthens my resolve.

Ultimately, the voters will decide whether they want someone who understands first-hand the impact this economy has had on families, or someone who has been in Washington for a decade, voting for Wall Street over Illinois' interests time and time again.

Rather than run on his record, Congressman Mark Kirk's entire campaign to date has revolved around hoping and praying that this family business would fail. Is that the kind of Senator we want, one that cheerleads for an Illinois business to fail while bailing out the Wall Street banks that helped get us into this mess in the first place?

I am ready to make that choice abundantly clear for voters. I am ready to talk about the issues -- about cracking down on Wall Street abuses, enhancing consumer protections, revitalizing our economy and creating jobs here at home. I am ready to speak up for the families that have been far more seriously impacted by this economic crisis -- those who cannot find a job or whose own small businesses are struggling.

The fact is that if we had more people in Washington like the millions of Americans who have been personally touched by the economic carnage created by the policies of the last ten years, our country might not be in the mess it is in today.

Those families need a voice. They need someone in Washington who will speak up for them, someone who isn't beholden to the corporate special interests and someone who won't be a rubber stamp for Wall Street's recklessness.

While today was a devastating day for me and my family, what happened today makes me want to fight even harder for Illinois families that have lost their jobs, their homes, and their own businesses. While my situation is far different than most people's, and my family will emerge from today more fortunate than most, I have a renewed vigor and a new perspective on just how horrible it is out there for so many people. It is that perspective which compels me to work harder, fight with even more passion, and make sure that the lessons my father taught me every day live on in this campaign.

Thank you for standing alongside me,

Giannoulias Family's Broadway Bank Shut Down by Feds

from the Associated Press

CHICAGO – Regulators shut down the bank owned by Illinois Treasurer Alexi Giannoulias’ family on Friday, setting up an expected but daunting challenge in his bid to keep President Barack Obama’s old Senate seat in Democratic hands.

Broadway Bank, which was heavy into real estate loans and lost $75 million last year, had been given until Monday to raise about $85 million in new capital, but the Federal Deposit Insurance Corp. announced at the close of business Friday that Broadway was among four banks, all in Illinois, that had failed.

Giannoulias, 34, worked at the bank as a senior loan officer until he ran for treasurer four years ago. He has tried to take some of the political and public relations sting out of a collapse, acknowledging the bank was likely to fail but blaming the bad economy. He also said it was financially healthy when he left four years ago.

Late Friday, Giannoulias voice broke as he talked about the collapse and vowed to work harder in his bid to win the Senate race. He said he knows first hand the impact that the economy has had on people and businesses in Illinois.

“There was no bailout for my father’s bank. It is an incredibly sad and heartbreaking day for me and for my family. This bank has helped thousands of people when no one else would give them a chance,” he said.

Giannoulias’ family could collect millions in tax refunds by writing off Broadway Bank’s losses. Giannoulias said he wouldn’t take advantage of a special provision made available in the stimulus bill for writing off businesses losses. He couldn’t say if others in his family would, but said his family “will be taking a massive financial loss.”

His Republican opponent, U.S. Rep. Mark Kirk, has made the bank’s finances a central issue in the Senate race.

“While years of risky lending schemes, hot money investments and loans to organized crime led to today’s failure, it’s a sad day for Broadway Bank employees who may lose their jobs due to Mr. Giannoulias’ reckless business practices,” Kirk spokeswoman Kirsten Kukowski said in a statement Friday night.

Regulators planned to work through the night to close out Broadway’s books and the branches would open normally on Saturday, said FDIC ombudsman’s office spokesman Rickey McCullough.

Some leading Republicans seemed reticent to score political points over the closure immediately after the announcement. Illinois Republican Party chairman Pat Brady declined to comment, as did former Republican Gov. Jim Thompson.

“I know Alexi,” Thompson said. “I’m sure this is not an easy time for him.”

Giannoulias’ campaign and Democratic insiders have maintained he can still beat Kirk, a moderate Republican and an officer in the Naval Reserves. Democrats outnumber Republicans in Illinois, and Obama remains a popular figure in the state.

And on Friday, the White House said Obama intends to help Illinois Democrats “up and down the ballot.” Giannoulias campaign chairman, U.S. Sen. Dick Durbin, said Friday before the bank failure that the White House has asked about the state of Giannoulias’ campaign. A spokeswoman contacted Friday evening said Durbin would not comment further.

Joey O’Neill, a Broadway customer for 20 years said Friday that he won’t hold the bank’s failure against Giannoulias.

“They’ve always been good to me,” O’Neill said before the bank closure was announced.

Giannoulias’ family could walk away with millions in tax refunds after writing off Broadway Bank’s losses — giving Kirk the chance to paint him as a fat cat.

Kirk — who raised $2.2 million in the first quarter of the year compared to $1.2 million for Giannoulias — also has criticized some decisions made while Giannoulias worked at the bank, including revelations that it had loaned $20 million to two convicted felons.

The campaign portrayed the loans as old news that Giannoulias has addressed before. He has said the bank’s relationship with one man started before he worked there.

But with the election nearly seven months away, the campaign has time on its side to try to repair any damage and change the focus of the race — and help Democrats avoid the embarrassing loss of another high-profile Senate seat.

“When I decided to run, I knew it was going to be tough,” Giannoulias said this month in a speech to a Chicago civic club. “Examining my record is one thing, but putting your family in the line of fire is quite another. Believe me, it’s not easy. But I didn’t get into this race because I thought it was going to be easy.”

Giannoulias’ campaign has not talked specifically about the strategy for dealing with a bank failure. Spokeswoman Kathleen Strand said this week he will focus on the economy and creating jobs, arguing that the bank’s problems are not major issue for some people.

All of Broadway’s deposit accounts, excluding certain brokered deposits, were transferred to MB Financial. Former Broadway employees would become employees of MB Financial Bank, McCullough said.

Demetris Giannoulias, Alexi Giannoulias’ brother and the bank’s chief financial officer, issued a statement that said the family “fought to carry out the vision my father had when he founded Broadway Bank 30 years ago, but our bank — like many businesses — has struggled during these challenging times.”

Six other banks also were closed in Illinois, the FDIC announced. Customer accounts are insured by the FDIC up to $250,000.

Sunday, April 18, 2010

Toyota Agrees to Pay a Fine in the Millions


Toyota has agreed to pay a $16.4 million civil fine levied by the U.S. government under an agreement that will allow the company to maintain legally that it did not knowingly hide defects from regulators.

Thursday, April 8, 2010

President Obama's Remarks at Strategic Arms Reduction Talks [START] Treaty Signing

Remarks of President Barack Obama – As Prepared for Delivery

New START Treaty Signing Ceremony

Prague, Czech Republic

April 8, 2010

Good morning. I’m honored to be here in the Czech Republic with President Medvedev and our Czech hosts to mark this historic completion of the new START treaty.

Let me begin by saying how happy I am to be back in the beautiful city of Prague. The Czech Republic, of course, is a close friend and ally of the United States. And I have great admiration and affection for the Czech people. Their bonds with the American people are deep and enduring, and Czechs have made great contributions to the United States over many decades – including to my hometown of Chicago.

I want to thank my friend and partner, Dmitry Medvedev. Without his personal efforts and strong leadership, we would not be here today. We have met and spoken by phone many times throughout the negotiation of this Treaty, and as a consequence we have developed a very effective working relationship built upon candor, cooperation, and mutual respect.

One year ago this week, I came to Prague and gave a speech outlining America’s comprehensive commitment to stopping the spread of nuclear weapons, and seeking the ultimate goal of a world without them. I said then – and I will repeat now – that this is a long-term goal, one that may not even be reached in my lifetime. But I believed then – as I do now – that the pursuit of that goal will move us further beyond the Cold War, strengthen the global non-proliferation regime, and make the United States, and the world, safer and more secure. One of the steps that I called for last year was the realization of this Treaty, so I am glad to be back in Prague today.

I also came to office committed to “resetting” relations between the United States and Russia, and I know that President Medvedev shared that commitment. As he said at our first meeting in London, our relationship had started to drift, making it difficult to cooperate on issues of common interest to our people. And when the United States and Russia are not able to work together on big issues, it is not good for either of our nations, or for the world.

Together, we have stopped the drift, and proven the benefits of cooperation. Today is an important milestone for nuclear security and non-proliferation, and for U.S.-Russia relations. It fulfills our common objective to negotiate a new Strategic Arms Reduction Treaty. It includes significant reductions in the nuclear weapons that we will deploy. It cuts our delivery vehicles by roughly half. It includes a comprehensive verification regime, which allows us to further build trust. It enables both sides the flexibility to protect our security, as well as America’s unwavering commitment to the security of our European allies. And I look forward to working with the United States Senate to achieve ratification of this important Treaty later this year.

Finally, this day demonstrates the determination of the United States and Russia – the two nations that hold over 90 percent of the world’s nuclear weapons – to pursue responsible global leadership. Together, we are keeping our commitments under the Nuclear Non-Proliferation Treaty, which must be the foundation of global non-proliferation.

While the new START treaty is an important step forward, it is just one step on a longer journey. As I said last year in Prague, this treaty will set the stage for further cuts. And going forward, we hope to pursue discussions with Russia on reducing both our strategic and tactical weapons, including non-deployed weapons.

President Medvedev and I have also agreed to expand our discussions on missile defense. This will include regular exchanges of information about our threat assessments, as well as the completion of a joint assessment of emerging ballistic missiles. And as these assessments are completed, I look forward to launching a serious dialogue about Russian-American cooperation on missile defense.

But nuclear weapons are not simply an issue for the United States and Russia – they threaten the common security of all nations. A nuclear weapon in the hands of a terrorist is a danger to people everywhere – from Moscow to New York; from the cities of Europe to South Asia. So next week, 47 nations will come together in Washington to discuss concrete steps that can be taken to secure all vulnerable nuclear materials around the world in four years.

And the spread of nuclear weapons to more states is also an unacceptable risk to global security – raising the specter of arms races from the Middle East to East Asia. Earlier this week, the United States formally changed our policy to make it clear that those non-nuclear weapons states that are in compliance with the Nuclear Non-proliferation Treaty and their non-proliferation obligations will not be threatened by America’s nuclear arsenal. This demonstrates, once more, America’s commitment to the NPT as a cornerstone of our security strategy. Those nations that follow the rules will find greater security and opportunity. Those nations that refuse to meet their obligations will be isolated, and denied the opportunity that comes with international integration.

That includes accountability for those that break the rules – otherwise the NPT is just words on a page. That is why the United States and Russia are part of a coalition of nations insisting that the Islamic Republic of Iran face consequences, because they have continually failed to meet their obligations. We are working together at the UN Security Council to pass strong sanctions on Iran. And we will not tolerate actions that flout the NPT, risk an arms race in a vital region, and threaten the credibility of the international community and our collective security.

While these issues are a top priority, they are only one part of the U.S.-Russia relationship. Today, I again expressed my deepest condolences for the terrible loss of Russian life in recent terrorist attacks, and we will remain steadfast partners in combating violent extremism. We also discussed the potential to expand our cooperation on behalf of economic growth, trade and investment, and technological innovation, and I look forward to discussing these issues further when President Medvedev visits the United States later this year. Because there is much we can do on behalf of our security and prosperity if we continue to work together.

When one surveys the many challenges that we face around the world, it is easy to grow complacent, or to abandon the notion that progress can be shared. But I want to repeat what I said last year in Prague: When nations and peoples allow themselves to be defined by their differences, the gulf between them widens. When we fail to pursue peace, then it stays forever beyond our grasp.

This majestic city of Prague is in many ways a monument to human progress. And this ceremony is a testament to the truth that old adversaries can forge new partnerships. I could not help but be struck the other day by the words of Arkady Brish, who helped build the Soviet Union’s first atom bomb. At the age of 92, having lived to see the horrors of a World War and the divisions of a Cold War, he said, “We hope humanity will reach the moment when there is no need for nuclear weapons, when there is peace and calm in the world.”

It is easy to dismiss those voices. But doing so risks repeating the horrors of the past, while ignoring the history of human progress. The pursuit of peace and calm and cooperation among nations is the work of both leaders and peoples in the 21st century. For we must be as persistent and passionate in our pursuit of progress as any who would stand in our way. Thank you.

Wednesday, April 7, 2010

State Seeks to Clarify Its Plans on the Lottery


CHICAGO – The Illinois Lottery’s intent to hire a
private manager has created public confusion. We
would like to make it absolutely clear that: The
State of Illinois is not privatizing, selling or
leasing its Lottery.

The Lottery is seeking a management agreement that
will enable the business to more quickly react to
dynamic market forces. The Lottery will continue to
be conducted by the State of Illinois, as a State
agency, ensuring that operations are conducted with
integrity and social responsibility.

The new manager could potentially be in charge of the
allocation of about $1 billion of goods and services
over the course of the envisioned 10-year agreement.
The manager will be paid a fee for its services. It
is comparable to hiring a manager to run a family
business – not selling the business and taking the
money in a lump sum.

The increased Lottery profits generated from these
management changes will be used to fund the capital
building program authorized last year by the General
Assembly. Lottery will continue to contribute $625
million (plus inflation year-over-year) to fund
public education throughout the State.

Tuesday, April 6, 2010

As California Shows, Costs of State Pensions Are Much Higher than Offical Accounting

opinion from the LA Times

The state of California's real unfunded pension debt clocks in at more than $500 billion, nearly eight times greater than officially reported.

That's the finding from a study released Monday by Stanford University's public policy program, confirming a recent report with similar, stunning findings from Northwestern University and the University of Chicago.

To put that number in perspective, it's almost seven times greater than all the outstanding voter-approved state general obligation bonds in California.

FULL STORY:,0,6247734.story

Friday, April 2, 2010

Statement by White House Economic Advisor, Christina Romer on the March Jobs Report


Office of the Press Secretary



April 2, 2010

Statement by Chair of the Council of Economic Advisers Christina Romer on the Employment Situation in March

Today’s employment report shows continued signs of gradual labor market healing. Payroll employment rose significantly in March, and the unemployment rate remained constant despite a substantial increase in the labor force.

Payroll employment increased 162,000. Even after adjusting for the 48,000 temporary Census workers hired and a rebound effect from the February snowstorms, this number suggests an increase in underlying payroll employment. Moreover, revised estimates now show a small job gain in January and a smaller job loss in February than previously reported. As a result, for the first quarter of 2010 as a whole, job growth averaged 54,000 per month. This is a dramatic change from the first quarter of 2009, when average job loss was 753,000 per month.

The unemployment rate remained constant at 9.7 percent. This stability reflects roughly proportional rises in the labor force and employment, as measured by the household survey. This pattern of rising labor force and household employment has been repeated in each of the last three months. Indeed, according to the household survey, the labor force has increased by 1.1 million since December 2009 and employment has increased by 1.4 million.[1]

At the same time that we welcome today’s encouraging labor market news, it is obvious that the American labor market remains severely distressed. More than eight million Americans have lost their jobs since the start of the recession in December 2007. It will take sustained, robust employment growth to bring the unemployment rate down. Further targeted actions to spur private sector job creation are critically needed to ensure a more rapid, widespread recovery.

While this is the most positive jobs report we have had in three years, there will likely be bumps in the road ahead. The monthly employment and unemployment numbers are volatile and subject to substantial revision. Therefore, it is important not to read too much into any one monthly report, positive or negative. It is essential that we continue our efforts to move in the right direction and generate steady, strong job gains.


[1] The reported numbers are adjusted to remove the impact of revised population controls that the Bureau of Labor Statistics introduced in January 2010. Without this adjustment the labor force increased by 851,000 and employment increased by 1.11 million.




[1] The reported numbers are adjusted to remove the impact of revised population controls that the Bureau of Labor Statistics introduced in January 2010. Without this adjustment the labor force increased by 851,000 and employment increased by 1.11 million.

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