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Economic activity in the U.S. is now much more robust than it was, the unemployment rate is at a very, very low level, the composition of unemployment is also healthy, the duration of unemployment is lower. And also inflationary pressures are now coming more towards the 2 percent target of the Fed. We are still very close to zero while the normal configuration is around 3 percent or so…one needs to take the journey to go there. We should not think about it as a single step, we should think about it as a journey, as a strategy.
I think the concern, in terms of why the Fed is raising rates now, is that inflation is picking up. The unemployment rate is 4.7% and that's putting upward pressure on prices. We have slower labor force growth because of the ageing of the baby boomers, [and thus] slower productivity growth in terms of output per worker. That has reduced the potential for long-run growth, it's reduced inflationary pressures, and I think rates in the future will be lower than they have been in the past.
With the unemployment rate last lower in summer 1975 and the employment rate still at a record high, the labour market remains robust. But smaller wage increases and higher inflation mean the growth in real earnings has slowed sharply in recent months.
Average pay growth continues to slow, and it appears increasingly likely that inflation will outstrip earnings growth in the coming months, which will put further pressure on consumer's spending power.
Despite a rising stock market and falling unemployment, student loan borrowers are still struggling. The economy remains very difficult for so many young people just starting out. More than 1 million people defaulted last year, and most of that could have been prevented by loan servicers. Too many of them put their own bottom line before the best interest of borrowers. There are too many people given the run around.
Don't believe those phony numbers when you hear 4.9 and 5 percent unemployment. The number's probably 28, 29, as high as 35. In fact, I even heard recently 42 percent. The terrible jobs report that just came out shows the number of people not in the workforce increased by another 425,000 people last month.
We don't know how far you can push this before you get much more substantial amounts of unemployment.
We see zero growth in 2017, or maybe just a little bit above that. We should not see any big recovery this year; we will have to wait until 2018.
What can we do to put down the roots now so it's beyond an administration, but what's best for the city?
D.C. is certainly not immune from any of those things.
I think if you talk to economists, they're a lot more skeptical, because this is not a new story. Worrying about automation and robots taking jobs–that has been a reoccurring concern since the industrial revolution. And while there have been some difficult transition periods where there has been unemployment or wages didn't go up, eventually things all sort of work out in the end. I think the baseline economist's expectation is that that might happen again: There might indeed be a very difficult transition period, but in the end there will be jobs and incomes will rise.
So they've leaped ahead and started thinking about solutions. So, if you're worried about technological unemployment, the first thing you're going to think of is 'okay, if they're unemployed, we don't want anybody starving, so we're just gonna give everybody a basic income.'...I think it's an idea to consider. There are various flavors of the Basic Income. Right now I'd rather focus on getting people good jobs and training them rather than throwing up my hands and writing them a check.
With unemployment and inflation objectives close to target and no 'financial tightening', the Fed's code for falling markets, they are all out of excuses not to hike in March.
The labour market continues to develop positively.
The number of people without work narrowed in February, insurable employment lies significantly higher than last year's level and demand by businesses for new workers remains at a high level.
For Dallas, the current unemployment rate in the Fort Worth [Texas] region is 3 percent. You'd have to go back 30 years to go that low. We think it's not sustainable. The business cycle will turn. Eventually, when it does, home prices will come down.
The pattern (in jobless claims) is consistent with the trend in employment growth remaining strong – more than strong enough to keep the unemployment rate trending down.
Our government will not loot but will help its people. We shall fight insecurity, economic crisis and unemployment.
But there are many people whose jobs are to drive. In fact I think it might be the single largest employer of people – driving in various forms. So we need to figure out new roles for what do those people do, but it will be very disruptive and very quick.
I'm willing to bet that these companies building new plants ... this will lead to fewer people being employed. People aren't going to have jobs. How does [Trump] deal with displaced workers?
If a human worker does $50,000 of work in a factory, that income is taxed.
South Africa's economy is looking weak at best. Growth has been on a steady decline since the end of 2010 while unemployment continues to hover around 25 percent.
The trend in employment growth remains more than strong enough to keep the unemployment rate trending down and adding to upward pressure on wage gains.
With unemployment and everything like that, people get lost and then comes someone like Donald Trump or, in Europe, ... these new right-wing people like Marine Le Pen. There are many countries that have had a long democratic tradition and to our surprise we see the return of right-wing parties across Europe - we thought we'd never see this again.
The economy has recovered more quickly, for example, than ... European Union economies have in the aftermath of the crisis. The Federal Reserve has put in place highly accommodative monetary policies meant to spur spending in the economy and restore low unemployment or to achieve the goal of maximizing employment and price stability as assigned to us by Congress. I believe we're coming very close to achieving those objectives, and monetary policy remains accommodative. Economic growth has been quite disappointing.
The economy is recovering from a very severe crisis. We've put in place stronger financial regulation that has forced our banks to build up their capital buffers to deal with problem loans and to strengthen themselves to the point where they have been to support economic growth and recovery in our economy. The Federal Reserve has put in place highly accommodative monetary policies meant to spur spending in the economy and restore low unemployment or to achieve the goal of maximizing employment and price stability as assigned to us by Congress.
In the short-term, these projects will benefit businesses up and down the state and put thousands to work – many in communities with the highest rates of unemployment.
With uncertainty at such high levels, it's more important than ever that we use all policy tools to support growth. We must ensure that its benefits are felt in all parts of the euro area and all segments of society. The European economy has proven resilient to the numerous shocks it has experienced over the past year. Growth is holding up and unemployment and deficits are heading lower.
"The European economy has proven resilient to the numerous shocks it has experienced over the past year,". "Growth is holding up and unemployment and deficits are heading lower.".
The European economy has proven resilient to the numerous shocks it has experienced over the past year. Growth is holding up and unemployment and deficits are heading lower. After years of crisis, we are building a success story, where reforms allow for a return to growth, investment and confidence. We cannot add, just like that, a crisis to a context of recovery in Greece and global uncertainty. Let's be reasonable. We must ensure that its benefits are felt in all parts of the euro area and all segments of society.
"With uncertainty at such high levels, it's more important than ever that we use all policy tools to support growth,". "We must ensure that its benefits are felt in all parts of the euro area and all segments of society.". "The European economy has proven resilient to the numerous shocks it has experienced over the past year,". "Growth is holding up and unemployment and deficits are heading lower.".
We are seeing an alarming scale of youth unemployment, the highest in the world. Young people express lower levels of trust in government than their parents. Yet the Arab youth are more educated and connected than ever and represent one of the biggest assets of region.
Gender balance is an important lever.
Market confidence is threatened when the norms of a democratic society are under attack. While they might be popular, the reason the U.S. long ago abandoned protectionist trade policies is because they not only don't work, they actually leave society worse off. The anticipated fiscal stimulus and protectionist policies amidst sub-5% unemployment could prove quite inflationary, which would likely shock investors.
Our responsibility is therefore to accelerate [that growth], especially if we really want to reduce unemployment.
For the time being it's good. It's good and I think that run still has some legs, because Trump is Trump, he's not a Republican, he's not a Democrat and, as he's basically a family business leader, he will not like to see the stock market down really and he would not like to have unemployment rising, so these two things will be the guiding light of his presidency. M&A volumes have been the highest since the year 2000 so there is a lot of pent up demand for investment and valuation levels that are quite high in the U.S. and are not a good guiding tool for market timing.
Isn't there enough tension to spark trouble? Unemployment, insecurity, high rents… no idea of a future; you do this to a young man; all of this can only explode.
The deals are good, unemployment is low and they are the things that have driven growth.
Here's the good: It's better than expected and much better on the private payrolls. When you see the unemployment rate go higher for the right reason, that's a positive.
The increase in the unemployment rate came about from both more people working and more people looking for work – a positive.
Solid job growth should help, in part, lead to lower unemployment and firming wage pressures, and justify the Fed hiking interest rates twice this year.
I kept auditioning, with no savings and no money, credit card debt gaining interest. I went on unemployment. I bought ramen noodles at dollar stores. I never had to – God forbid – live on the streets; I moved in with a roommate who told me, Stay with me until you can afford rent. Don't give up.' People who supported me were like, If you don't have money for food, I'll cook you dinner. You don't have money for acting class? Let's get together and read lines.'.
With a near-record job openings and a 4.7 per cent unemployment rate, it's unlikely much slack remains.
The growth levels in Europe have been low – much lower than we need to lower unemployment everywhere. So this program, this project, this public incentive on public investments are very welcome are the key element to support the recovery of the economy to support a lot of companies that need this investment, the demands in additional to create jobs. The main challenge is just to achieve every thing that we dream, and every thing that we need to do. We do have a clear vision of the future of the city, what we have to do what we need to do.
Unemployment could rise somewhat in the coming months, also due to the integration of refugees into the labour market.
The European Central Bank's large bond-buying program appears to be finally working its magic. Inflation is on the rise, unemployment is falling and the economic bloc is growing, all thanks to years of zero interest rates, several versions of bond purchases program and a resulting weak currency.
Historically, our industry has been an excellent starting point for new Americans. Immigrants and refugees can be an important component of some companies' labor forces, especially in rural areas where low unemployment creates a tight labor supply.
We've conducted model simulations to analyze the effects of such a shock and found that the buffers in the Canadian financial system would be sufficient to absorb its impact. So while there would be stress, the financial system would remain resilient.
A great deal is going on in labor markets that we don't fully grasp. For a variety of reasons, employers seem to be paying much more attention to the quality of prospective hires than pre-recession.
As an example, one contact in the staffing industry told us that during their pretesting process, a majority – actually, 60 percent of applicants – failed to answer '0' to the question of how many days a week it's acceptable to miss work.
Drug abuse and the hardship involved in unemployment aren't really laughing matters,. It's hard to pin this down quantitatively, but it strikes me that there could be something meaningful there as a contributor to impediments to labor market functioning.
I think we're on very secure ground as the US Constitution says you can't put a federal financial gun to the heads of states and tell them what to do in exchange for funding. We also feel that the ethical argument and the practical argument are on our side. In these cities that are open to more immigrants we have lower crime rates, we have more economic prosperity, lower unemployment rates, so we feel like this will holdup in court.
The policies of Angela Merkel and Wolfgang Schaeuble have no doubt contributed to the deep crises in the European Union since 2008, to the isolation of a dominant German government and, through a relentless insistence on austerity, to high unemployment outside Germany. One consequence has been the strengthening of anti-European populist parties and the damaging of not only democracy but also a good investment climate. The continuation of the current policies comes at the cost of sustainable growth. This is also dangerous for Germany.
If you look at the history of the United States and our economy in particular, and you look at where we've been and what we've accomplished, it's really an amazing story. Look at the amount of churn there is in the labor market. Every year, 40 percent of the jobs turn over. Every single year. That's amazing. I complain about high taxes, I don't like what the last administration did to our tax rates, but even then, even with that, we still have a 25 percent tax-to-GDP ratio. You look at any other country, any G-7 country, their immigrants have higher unemployment rates than we have.
Our immigrants have a 10 percent lower unemployment rate than the native-born population, so we've got a lot of things going for us. I think that ... we can look forward to a positive future, and I'm hopeful.
This is a trial for a new kind of unemployment benefit, not for basic income. It targets only one population group, the unemployed, and lacks essential elements including taxation. The trial should have included all population groups, which in turn would lead to a larger sample size to be effective.
If the unemployment rate falls some more, it is going to add to upward pressure on wages and inflation and reinforce the case for Fed tightening.
Rather than the rise in unemployment forecast in the November Inflation Report, it seems quite possible to me that the jobless rate will stay below 5% this year. The economy might be able to run with lower unemployment than previously, consistent with the inflation target.
Further efforts were needed.
Without further gradual increases in interest rates, one might be concerned that the unemployment rate could drift below its long-run sustainable level - and as a result, inflation could eventually exceed the Fed's 2 percent target. The stance of monetary policy will need to adjust - to prevent the economy from dramatically overshooting on both elements of the dual mandate, which would place the economic recovery at risk.
We must give our people hope, we must unite against our common enemies, which are unemployment, poverty and inequality, and not against one another. The ANC has heard the message that the people delivered in August. We accept that we have made mistakes. When leaders and members of the ANC are corrupt and steal they are betraying the values of the ANC, the people and our country. We will not allow this.
Islamic State found a way to enter the Jordanian tribes through poverty and unemployment.
As such, we continue to expect conditions in the labour market to support an ongoing, albeit gradual, decline in the unemployment rate this year.
When the last boom got underway, oil firms had the luxury of building their work forces amid high unemployment across the nation. Before the most recent downturn, drilling firms were already struggling to find workers.
Today's focus will be the afternoon's U.S. jobs report, not so much for the notorious volatility-inducing non-farm Payrolls but for accompanying metrics. The unemployment rate is seen ticking up from December's 9-year low, while wage growth accelerates, something which could imply rising inflationary pressures that force the Fed to hike (interest rates) more quickly in 2017.
While job growth has slowed somewhat, this is likely more due to a shortage of qualified workers rather than a lack of confidence among business leaders.
More people are back at work than at any point since the recession. However, Trump will inherit an economy that's riding high but faces long-term challenges. Fewer adults are at work than before the recession, manufacturing is lagging despite an uptick in December and the acceleration in wage growth, while great for workers, could raise inflation fears.
Given the incoming administration's priorities (tax reform) and the strength of the U.S. economy (lower unemployment, higher wages, improved disposable income, rising consumer confidence), along with MO specific catalysts (possibility of iQOS [smokeless cigarette] commercialization in the U.S. market, faster growth from beer equity income and buybacks), we are lifting our rating on Altria Group.
I think the market is definitely expensive, but that's life –right?– and it's going to get more expensive, and the reason is because you're going to have positive numbers. Unemployment is going down, GDP at 3 or 4 percent means a rising economic environment and you're going to have a rising stock market.
I think the tax policy they're talking about and how they're going to deal with capital expenditures definitely could be negative in terms of imports. And the pressures within the country, we're at 4.6 [percent] unemployment, we're going to be taking steps against immigration, and so we're going to cause a situation where there are limited supplies of labor.
Many workers in Finland who used to have good jobs with Nokia, for example, are now unemployed. Lots of these people have skills and could try to start businesses or maybe work for another small business at lower pay. But the traditional unemployment program doesn't allow this. If they earn any money, they lose all their benefits.
Unfortunately, my work is more male-oriented and most of the time the employer choses a man who's usually younger.
For one place there are a lot of candidates. You have to stand out, you have to sell yourself, you have to make falling in love with you the person who stands before you and is reading your resume, making him say: 'Yes, this guy is good and it's him what I need'. Every day you get up and you say: this could be the big day. Looking and looking, Slovakia has found me, I have found Slovakia, we liked and here we are.
It is not possible to solve this problem without close cooperation of employers, because they are who are responsible for employment and therefore we have to listen to them, how should look, let me say, the ideal employee or what skills should this employee have.
Giving the financial resources for people with a low level of education to be able to finance their adult education so they wont need to have loans. So they will have some direct money from the state so they can come up to the compulsory school level or upper secondary school level. The second initiative is to help people to finance a driving licence, because that might be the difference between having a job or not. So we will also try to help find a system to help people financing getting a driving licence.
Yes, the labour market is not so regulated. It's mostly regulated by social partners in collective agreement so that's quite flexible, but the housing market needs some big reforms and the government is working on that.
I did professional work in telecommunications. As staff numbers decreased, technology advanced, so fewer workers were needed. So I was made redundant.
People are coming here – some of them without any schooling at all. Especially some women that didn't have the chance to go to school in their home country because they were girls. And of course that is a challenge – How can we adjust the education system so that these people will be able to catch up the educational level so that they will be able to enter the labour market. But of course, we also need to help those who might not be able to catch up with the educational level that is normal in the Swedish labour market – to have step stones into the labour market also.
The average unemployment for the whole of 2016 was 2,691,000. The last time unemployment was this low was 1991.
This jump in inflation is a signal to exit from the ECB's expansive monetary policy. If these figures are confirmed for the eurozone as a whole (on Wednesday), the ECB should end the bond buy programme in March 2017.
The policy of zero interest rates, coupled with rising inflation, is devastating for German savers.
Job creation should continue this year. The expected rise in unemployment due to immigrants has so far not materialised.
The positive development related to unemployment continued at the end of the year. The strong increase in employment that has been going on for a long time slowed since the summer months, but demand for new workers remains at a high level.
But I somehow just can't accept that a new three- to four-year upswing would follow a mere 14 percent S&P 500 correction that occurred with unemployment at just 5 percent.
Favourable demand conditions had encouraged firms to raise output, which resulted in the sharpest round of job creation in 5-1/2 years. These are positive signs for France as the country contends with high levels of unemployment.
The consumer seems to be in fairly healthy condition, the balance sheets are improved, unemployment remains low, there's outlook about the new jobs and discussion of that, so generally we're pretty optimistic. But there are a lot of unknowns and there are a lot of variables that we are considering as we think about 2017.
Andrew Balls - Pimco
Consumer spending is supported by a further decline in unemployment, rising wages and expectations of personal income tax cuts to be enacted at the end of 2017.
I believe my predecessor and I called for fiscal stimulus when the unemployment rate was substantially higher than it is now. So I would say at this point that fiscal policy is not obviously needed to provide stimulus to help us get back to full employment.
I believe my predecessor and I called for fiscal stimulus when the unemployment rate was substantially higher than it is now.
We expect inflation could hit three percent next year against a backdrop of rising unemployment and weaker wage growth.
We expect inflation could hit 3 percent next year against a backdrop of rising unemployment and weaker wage growth.
France has reformed more than it is given credit for, but less than its neighbours, which have shown us how to fight unemployment while respecting the European social model.
Large government, central planning, concessions to labour unions and stimulus programs that FDR believed would produce jobs instead hiked the unemployment rate.
The MPC is choosing a period of somewhat higher consumer price inflation in exchange for a more modest increase in unemployment. There are limits, however, to the extent to which above-target inflation can be tolerated.
This won't push Italy back into crisis for now. But it means lost time for a country that faces huge problems with its banks, its enormous public debt levels and high unemployment. There is a significant danger that the reform course will now slow.
With the unemployment rate this low and wages rising, now is the real test of whether a stronger economy can bring people back into the job market.
The fact that overall employment managed another respectable gain and the unemployment rate actually declined for a change is at least mildly encouraging. We don't believe the Bank of Canada is doing anything with interest rates in the next year, and this wouldn't change that view.
This jobs report paves the way for Fed rate hikes. It also tops off a recent run of continually positive economic data.
It's a little mixed. Job growth is slowing. That's about what you would have expected at this point in the business cycle. On balance, it keeps the Fed on track to tighten.
This positive jobs report is another indication that the U.S. economy continues to pick up steam. We've seen a rally in equity markets, a stronger dollar and upward revisions to GDP as of late. The markets have priced in a Fed tightening later this month and I think today's report supports that view.
The thing that's going to be taken away from this a few days from now is going to be the drop in the unemployment rate to 4.6 percent. Even the U6 number fell. It was a broad-based drop in the unemployment rate.
Average hourly earnings is disappointing. The drop in the unemployment rate – this is the best of the cycle. You had a huge drop in the level of unemployment and an increase in employment. They're saying things are improving.
At the end of the day, we made another notch down in the unemployment rate and ultimately that's going to be leading to more pressure on wages and costs. With wages down today, that may not be the story today, but it will be in a week. A huge drop in unemployment, … I think that's going to be the part that sticks.
It wasn't a slam dunk number by any means. The wages (number) is the most important, but it's important to know it came off a surge last month. It's a hiccup in wages, but not enough to stop the Fed.
You've got to take it in context. Last month was an extraordinary jump. I'm not happy with it, … but at the end of the day the wage number was really strong in October, so you take a moving average and that's what the Fed will do.
Recent wage gains and unemployment declines make this a tough economy to improve on.
Inflation is ticking up a little bit, and unemployment claims are back to their lowest levels dating to 1970, when the population was much lower. This suggests that some tightening is in order from the Fed, and in the next few meetings we're likely to see a small rate increase.
I wonder if the sleeper number is the unemployment rate. The jobless claims are suggesting the labor market is going to get a second wind.
It's about opportunities and dreams in a district challenged with over 50% unemployment, gang crime and very low school results. And the idea was to create a real hub for people with business ideas.
With this manifesto, within two years we can fix the situation. In five years, we can halve unemployment, that means get closer to full employment like our neighbours, and in ten years we could once again be Europe's number one power.
What is brutal is the mass unemployment which is ruining millions of French people. What is brutal is the delinquency that is destroying entire districts. What may be brutal in the future is the day when the debt wall collapses on us.
Euro area unemployment has been steadily declining. More than four million jobs have been created since 2013, when the situation was at its worst. Domestic demand has also strengthened and real GDP growth has recorded positive figures for 14 consecutive quarters.
To the extent that exchange-rate changes affect employment (it is) potentially quite important but not the only thing that happens. It won't stop us from doing what we should do on the basis of inflation and unemployment in the domestic economy.
I wanted to grow in Italy, and the support that I received was zero. This is a country where we have a huge unemployment rate. We have a lot of skilled people. We have smart people with ideas. Why don't we create something?
This is a very tormented situation where the unemployment in this region, all this instability, is really alarming. At the same time the internet is infiltrating all around. Look at Egypt, look at other countries where, in the Arab Spring, the internet played a key role in moving the population towards changing the regime.
The interest rate spread and average weekly hours were the main drivers of October's improvement, helping to offset some of the weaknesses in claims for unemployment insurance and new orders.
The MPC (Monetary Policy Committee) would be less inclined to accommodate above-target inflation if it didn't also expect demand to fall slightly short of that supply potential. It would be able to do more prevent any rise in unemployment if it weren't for the inflationary pressure brought about by the fall in the currency.
We cannot simply look to austerity as a strategy. Our argument has always been that when the economy contracted this fast, when unemployment is this high, that there also has to be a growth agenda to go with it and it is very difficult to imagine the kind of growth strategy that's needed without some debt relief mechanism.
Donald Trump, regardless of the economy, is bad for bonds. Donald Trump is inheriting an economy that is 2.5 percent growth, 4.9 percent unemployment. For things to get better for him, the economy, there has to be inflation and wage growth.
I feel confident that the recovery in the euro area will continue. It will consolidate itself... so by next year we will see the unemployment rate in single digits.
Our main partner where we export is the United States. So if we take that away we���re going to have a lot of unemployment, we���re going to have a really big trade deficit.
It is not surprising that the unemployment rate is so low when so many people have just dropped out of the labor force.
That's kind of like a Goldilocks number right now. It looks like the labor force participation rate has finally turned higher. If we can mark time with an unemployment rate of 5 percent and decent job growth for a while, it's the best thing that could happen to this economy. It's one of the better stories in the economy right now.
Our unemployment rate is lower than it's been since 2008. What jobs are you bringing back?
In the course of the autumn pick-up, unemployment fell significantly, employment rose again and demand for new staff increased further.
It is absolutely false to say that things are the worst that they have ever been. We know that there are definitely communities in this country with excessively high rates of unemployment and poverty for African-Americans. But that by no means can be applied to the African-American experience in general.
Yellen wants to run a high-pressure economy by overshooting inflation and pushing the unemployment rate lower. She wants to hedge against another recession.
Yes, and we see that in the politics – this rejection because of a feeling of a threat, Germany has a labour shortage and very low levels of unemployment so if you have high unemployment one has to worry much more about this.– what Sweden's been doing is quite remarkable in relationship to its population size. And knowing that people are going to take jobs that locals wont do. Interestingly enough, even in Eastern Europe for example there is a massive labour shortage in certain skills.
The consumer should continue to power the economy. The job market is very strong, unemployment is low and wage growth is picking up. I don't see any constraints on the consumer.
We are looking at very low unemployment, fuel prices remain low, the commodity pressure on food is down. The overall approach for the consumer is going to be positive this season.
Housing permits, unemployment insurance claims, and the interest rate spread were the main components lifting the index in September. Overall, the strengths among the leading indicators are outweighing modest weaknesses in stock prices and the average workweek.
I believe France has many other important issues to deal with such as security, terrorism and unemployment, rather than recreate conditions for another hysterical debate.
My views haven't changed, what's changed is the economic conditions. When we have an unemployment rate that's around 10 percent, we should be very aggressive in our monetary stimulus. When we have conditions like we have right now, which is we are very close to full employment … and core inflation is around 1.7 percent, those conditions are very different.
The Fed has a problem. The unemployment rate is at 5 percent and inflation is now rising, so based on that, they should be raising interest rates.
We're willing to tolerate a bit of an overshoot in inflation over the course of the next few years in order to avoid [rising unemployment], to cushion the blow and make sure the economy can adjust as well as possible. Our job is not to target the exchange rate, our job is to target inflation. We can mess it up, we can't make it. We provide the foundations, not the end.
It will take time for the consumer to be hit, and it will come in two ways. It will come through in higher prices, and passed on through higher import prices as a result of the weaker sterling and it will come through reduced confidence, which will come after we see job losses probably. We haven't seen any job losses in the mass yet, but over time we should start to see that, and unemployment will start to rise and then consumer confidence will be hit.
I also think it would help to indicate that policymakers would be willing to accept the increased inflationary risk that might accompany further declines in unemployment.
Unemployment is somewhere very close to the natural rate. I think we're close to full employment.
The fall is consistent with some loss of momentum in labour markets this year, and more recently, in surveyed business conditions. Yet the rise in job ads over the past three months is consistent with moderate annual employment growth, which should be sufficient to underpin a further decline in the unemployment rate, albeit at a gradual pace.
If you look at our history after 1989, the main problems of the Polish job market were high unemployment and low availability of jobs. The situation has reversed.
Through our efforts to bring inflation back towards 2 percent, we have contributed to higher growth and the creation of more jobs. In Germany, exports are benefiting from the recovery in the euro area, unemployment is at its lowest level since reunification, people's take-home pay is increasing noticeably, and venture capital is pouring into Berlin's silicon alley.
For the euro area to thrive, actions by national governments are needed to unleash growth, reduce unemployment and empower individuals, while offering essential protections for the most vulnerable.
Unemployment this low may well have the desirable effect of bringing more workers into the labour force – but, unfortunately, only temporarily.
By 2019, I expect the unemployment rate to have declined below 4.5 percent. While I have a long track record of advocating for policy that supports robust labor market conditions, that is below the rate that I believe is sustainable in the long run.
It is immigration and law and order now. (In the past) it certainly was the economy and unemployment which has remained around 10 percent (that voters cared about) but now with the terrorist attacks over the last 18 months or so it's very much become security.
We have had a sustained recovery in the U.S., U.K., Canada and Germany - where unemployment has come down to pre-crisis levels, Andrew Sentance, ex-Bank of England Monetary Policy Committee (MPC) member told CNBC via email. Much of the toxic asset exposure has been run down or run off.
If 1.6 percent inflation and 4.9 percent unemployment were all you knew about the economy, would you consider a policy setting one tick above the zero lower bound still appropriate?
Some ministers seemed to be in favor of a stabilization mechanism built around an unemployment scheme, others looked more towards investment-based mechanisms.
Over the last year ... the unemployment rate has remained just about stable, while we've had about a million jobs above the replacement needs. Remember our mandate is maximum employment not some constructed view of full employment.
The underlying reality appears to be a rock solid labour market, with firms having increasing difficulty filling openings.
The unemployment report was not weak enough to completely undermine the Fed's hawkish bias since Jackson Hole. It was probably enough to see fence-sitters on the Federal Open Market Committee wait until December before voting to hike interest rates.
Trade is not the cause for unemployment. In fact, the biggest drivers for unemployment are innovation and increased productivity. It has nothing to do with trade.
When we talk about trade, most of the time, it's making a relationship between trade and unemployment.
When we talk about trade, most of the times, it's making a relationship between trade and unemployment. Trade is not the cause of unemployment. In fact, the biggest drivers of unemployment are innovation and increased productivity. More than 80 percent of unemployment caused in those countries (U.S. and Europe) is due to those two factors, so trade is a minor component of that.
We've seen a substantial improvement in the labor market since that very disappointing May number. What we're looking for is not just a strong headline number, but an all-around strong report with strength in payrolls, a drop in the unemployment rate and some further pickup in salary growth.
I think you need something like 200,000 and a 4.8 percent unemployment rate. I think if you got those numbers, that could be enough to convince enough people to move.
What makes that probability go a lot higher a Friday report that has three things: job creation in excess of 180,000, wage growth going up and no significant move in the participation rate that pushes the unemployment rate up.
Positive fundamentals in the U.S. economy, which include a recent strong jobs report, lower unemployment, and a bullish equities market are offset by sluggish overall growth in the U.S. economy and stagnant capex spending by businesses both large and small. As the presidential campaign moves into higher gear, it appears business owners continue their wait-and-see attitude toward investment in and expansion of their business operations.
The alarming rise in youth unemployment and the equally disturbing high levels of young people who work but still live in poverty show how difficult it will be to reach the global goal to end poverty by 2030 unless we redouble our efforts to achieve sustainable economic growth and decent work.
Political divisions in advanced economies - particularly where there is high unemployment or a high risk of unemployment - are feeding on a sense of disenfranchisement among many people who feel the rapid economic changes of our time have left them behind.
Credit-card use is increasing in part because labor markets continue to improve. Steady reductions in unemployment and faster wage growth have led to an increase in consumer spending.
The job growth [in Omaha] comes from small businesses. We have thousands of small businesses that are aggressive and growing very quickly.
We have spent lots of time and money to make sure we have most of the amenities that people want for a good quality of life. We find that people arrive thinking they'll spend a short time here and they end up staying here for decades.
The cost of living is reasonable. There isn't a demand for raising taxes that are passed onto businesses and consumers. When I do ribbon-cuttings, you ask businesses about their experiences with the city: little to no delays with permits and very accommodating.
Credit restrictions and a rise in unemployment affect our daily operations. Conservative cash management policies are allowing the company to pass through the turbulence.
The labour market has lost some momentum so far in 2016, with slower average growth in both employment and job ads seeing the unemployment rate stabilise around 5.75 per cent after declining in the second half of last year from a peak of 6.3 per cent. This impact appears to have been short-lived, with job ads picking up over the course of July.
These job numbers are good enough to keep the Fed on track for a December rate increase despite sluggish GDP growth in the first half of this year.
Even as economic growth has been lackluster, the job market has remained sparkling bright.
BoE Governor Mark Carney's assessment of the post-Brexit UK economy was very negative, predicting the unemployment rate will rise from 4.9 per cent to 5.5 per cent over the next two years despite the new stimulus. That makes it very likely that further cuts to the policy rate and expansions of the BoE's other easing measures will be forthcoming over the coming months, providing further downside risks to the pound.
What is really worrying is that pace has still been enough to reduce the unemployment rate further, suggesting that the economy's potential growth rate could conceivably be close to zero.
I am aware that the challenge keeps changing and it needs quick action from us. Unemployment and income inequality must be addressed and the Cabinet needed to work "more quickly, more effectively.
It's nice to try to lead the way. The labor market is tight and going to get tighter. Our biggest problem going forward is not going to be unemployment, it's going to be a lack of labor. It's not surprising that companies are trying to get out ahead of this and trying to raise wages. He's not the first. You had McDonald's, Wal-Mart, Target and Starbucks.
It does appear to be a noticeable downshift in job growth. Historically, when unemployment gets near 5 percent, job growth slows.
As long as economic conditions -- like low unemployment and easy access to credit -- continue, the industry will be in a strong position through the busy summer sales months.
The labour market continues its overall positive development. The demand from companies for workforce remained high.
Unemployment is still low in the state (at 3.2 percent in May). There are still job opportunities. That's the positive thing going forward.
The "home-building market continued its slow and steady recovery sustained by low interest rates, modest wage growth, positive consumer confidence and low unemployment levels combined with tight inventory levels.
Zach Pandl - Goldman Sachs Group
With the unemployment rate at 4.7 percent, wage growth clearly picking up, and financial conditions much easier, there is likely a limit to how long the Fed's pause can last.
We think that unemployment (resulting in decreased income) could render fruits and vegetables and other more healthful foods unaffordable. This would likely lead to increased consumption of cheaper, highly processed convenience foods (e.g. boxed macaroni and cheese).
Reforms implemented by Portugal under its adjustment programme are estimated to have reduced the unemployment rate by around 3 percentage points over the 2011-2014 period. Likewise, the Spanish labour market reform in 2012 has been a factor supporting employment growth since then.
I believe it is clear that we will stick to our solid, reliable budget policy, and which contributed to the economic development in our country which is positive despite difficulties in our environment. We have an exceptionally good situation on the labour market with a high employment rate and low unemployment.
The labour market continues its overall positive development. Unemployment fell in the course of spring. Employment rose sharply and the demand for labour also increased significantly.
The economic impulse is perfectly timed and should dampen labour market worries caused by high immigration and the minimum wage.
All our programmes are aimed at protecting our people and our society against poverty and unemployment. Over the past two decades, there is no country that has managed to reach a proper economic growth and proper employment without interacting with the world. Today, we are happy that others are not taking our share in OPEC. Soon, we will regain our previous oil export quota.
We also take into account, and i think nobody should blame us for that, the fact that these (Spain & Portugal) are two countries that have suffered the crisis with full force, which still have very extremely high levels of unemployment and which have made significant reform efforts.
The story is that non-teacher school employees (bus drivers, cafeteria workers, etc.) are somehow permitted to file for unemployment when schools are closed for a week or two (your tax dollars at work). Since the timing of the breaks swings around from year to year, the seasonal adjustment process is unable to properly take this special factor into account.
This industry remains untested through a complete credit cycle. The new business models were developed in a period of low interest rates, declining unemployment, and relatively strong overall credit conditions.
This would be enough to save central banks from having to do even more to tackle deflation. On the other hand, it would probably be too little to force central banks to reconsider their policy stance, particularly in the euro zone, where high unemployment rates will keep core inflation at bay.
We kept expenditure low, we gave a breath of fresh air to the economy by exploiting the EU's National Strategic Reference Framework that gave over five billion euros to the Greek economy and Greece was, for the first time, the number one country in absorbing those funds. We also had an excellent track record on tourism, we exceeded our targets on state revenues by two billion and we reduced unemployment by 1.5 percent.
I'm not saying the increase in unemployment today is a direct result of that but it is an example of the kind of real gritty questions that those people who say Britain should leave the single market, they need to respond to that.
The combination of sub-consensus wage and employment growth was not encouraging, and may suggest that uncertainty surrounding the forthcoming referendum is starting to show up in the data.
It's no mystery that these types of concerns are shared by students across the country. An understandable trend given the uncertainties that come with an economy mired in $1.2 trillion of student loan debt and an unemployment rate among college graduates of 7.2 percent (compared with only 5.5 percent in 2007).
Right now we're trying to protect jobs and economic growth, and the measures that have been taken today have been designed to ensure that any increase in unemployment as a result of the economic slowdown is kept to the absolute minimum possible and to support economic growth through the next 18 months, two years, as we face this period of uncertainty as we negotiate our exit from the European Union.
We're not at 5 per cent unemployment. We're at a number that's probably into the twenties if you look at the real number. the official jobless figure is "statistically devised to make politicians – and in particular presidents – look good.
We've dipped just below [5%], to 4.9%, and I expect the unemployment rate to continue to edge down, reaching the mid-4s by late this year. While part-time employment for economic reasons looks like it's still somewhat elevated relative to historical norms, the labor-force participation rate now appears to be consistent with its longer-term trend–or what we might more simply call 'normal.'.
There is no reason for causing unemployment if the government employees take jobs in accordance with existing laws, rules and regulations.
For a region beleaguered by still-high overall unemployment, the fact that the upturn is generating more jobs is especially good news. The latest rise in factory payroll numbers was one of the best seen over the past four years.
With the unemployment rate as low as it is, people are forgetting about workers who have been unemployed for very extended periods as well as people who are still on the sidelines of the labor market. are not evidence of a strong labor market.
Egypt's government is trying to find ways to rescue the economy, but so far it doesn't appear to be enough or particularly effective. Economists now fear the government could allow the Egyptian pound to float, which they think would be economic suicide, especially in a country already experiencing low growth and high unemployment.
If we see no progress on inflation at all, there would be no rush to be raising rates. In order to ease further we'd have to see that we're not getting the forecasts of 2 percent growth at all. We'd probably have to see a situation where we'd be concerned that the unemployment rate would be rising rather than falling ... and a significant weakening in labor markets.
The unemployment rate ticked down, wages ticked up a bit. Net-net this is a good report for the economy. Although the top-line number is certainly lower than people we're expecting, we're coming off a couple months of 200, 000-plus jobs, so a little mean reversion was expected.
Positive job growth, the drop in the unemployment rate to 4.9 percent and the uptick in wages show the U.S. is heading in the right direction.
This is the first time that the unemployment rate has dipped below 5 percent in almost eight years. Americans are working. All told, over the past years our businesses have added 14 million new jobs. Seventy-one straight months of private sector job growth extends the longest streak on record.
Consumers anticipate that the growth slowdown will be accompanied by smaller wage gains and slight increases in unemployment by the end of 2016. Importantly, favorable financial prospects have become dependent on very low inflation. .... Consumers will actively demonstrate their resistance by moderating their purchases in the face of price hikes, thus acting to offset the [Federal Reserve's] rationale for higher rates.
Under the new conditions, we want to export 30 per cent of what we produce in Iran. If we want to combat extremism in the world, if we want to fight terror, one of the roads before us is providing growth and jobs. Lack of growth creates forces for terrorism. Unemployment creates soldiers for terrorists.
It is an economic problem, it is about unemployment. We have a set of policies to try and solve this issue, it is one of the government's main challenges. We do not have a magic wand. We cannot solve the problem of unemployment in one go.
I know that the state and the government are able to find the appropriate funds, even if we have to take it from somewhere else to allocate it to this issue, because this is our responsibility.
I thought the revolution would give us hope to find work with dignity. I never thought I would repeat the same demands as five years ago. The old regime has robbed our dreams.
The working week is likely to shorten further.
The general tightening in the labour market, as indicated by the continued fall in the unemployment rate, means that this is likely to happen.
Inflation is unlikely to recover back to target without a marked improvement in wage growth.
As a result, unit wage costs … will be higher than they would otherwise be.
It will have a positive impact on unemployment, but that will be a mechanical one, we won't be on a natural downward trend.
It's a victory for the reformist side. He clearly thinks the election will be won on the center-ground of politics.
There's a desire to not upset anyone, to appeal to all political sides with measures that are interventionist for the left and others that are pro-business.
On that point, I will go all the way and I urge everyone to take part.
What counts is to go all the way with reforms, to do the reforms that are expected without thinking about anything else other than their effectiveness, the utility and pertinence.
What counts is to go all the way with reforms, to do the reforms that are expected without thinking about anything else other than their effectiveness, the utility and pertinence. On that point, I will go all the way and I urge everyone to take part.
Growth should increase gradually, lowering the unemployment rate and finally increasing inflation. The improvement, however, would be very gradual and too slow to be satisfying. However, the ECB should refrain from adding more easing to the measures already announced: the effectiveness of the measures increase with more easing but at a slower pace, whereas their negative effects increase at a faster pace.
Unemployment claims tend to exhibit heightened volatility throughout the holiday season, even after seasonal adjustment; however, the current data continue to indicate that U.S (Other - news). labor markets are fundamentally healthy.
Spending time with the association helps me to disconnect from my personal problems, to stop thinking constantly about by unemployment and the life I can't live because I have no job. This group of friends gives me the strength I need to keep going, trying new projects.
People do help by giving food, even when they are, themselves, sometimes in need. Poor people help too, with at least a kilo of food. Everyone helps because they know it's for a good cause.
I think about it and my parents remind me of the fact that they brought me into this world when they were even younger than I am today. I think about it and it hurts. I would like to have a family too, build a house, live with a wife and children. But without a stable job that's impossible.
The benefits for an employee are the welfare payments. So whatever their country of origin or their situation in Switzerland, the person will benefit from welfare payments, so he or she will have life insurance, and have the right to claim family allowance, maternity benefit, unemployment benefit, well except for those people who are in an illegal situation, of course not, but maternity, accident insurance that we offer in the Chèque service package.
These unemployment data are very good. But most important is to carry on at this cruising speed. I've said that, in the next parliament, in four years we can create 500,000 posts each year: two million by the end. And these data from today allow us to say it's perfectly possible.
I heard our president say that our enemy is finance. There is nothing more stupid. Our enemy is unemployment.
The global recovery continues, but it is still mired by high levels of unemployment, rising inequalities and low wage and low productivity growth.
The economic recovery in Spain is not cyclical, but structural.
Northern Cyprus is second in the world when it comes to nepotism. Unemployment is chronic. Because of reasons like these people are fed up with the current situation. And there is a wind of change. Akinci represents this movement, hope for a solution and what comes after that.
Let me start by asking you about the global economy. Growth remains slow because of some substantial risks. Some of them are: high debt, high unemployment and lacklustre investment. But there is also the aspect of global insecurity. We see violence, civil war and terror in the Middle East, Africa, Ukraine. To what extent does that threaten global recovery?
Save the Children has always said that the UK could take in 10,000 Syrian refugees. That would be our fair share and we calculate that according to the population of the UK, our GDP, our unemployment rate compared to other European countries. And we could take in 10,000. And that would be our fair share for the Syrians. There are 11 million Syrians who have had to flee their homes. We want to see David Cameron agreeing to take in 10,000.
Today, as the prime minister has announced, the left has two options. Firstly, they could say 'we're on the right track, let's persevere in the same way until certain figures are released. For example, the figures on unemployment and purchasing power. Once the voters see these, they'll come back to us. Exactly a year remains before we start our election campaign.
Frankly, I think they are getting results because they did it. Why is Spain turning around? Because they did very tough things two years ago, three years ago. Now they are growing, unemployment is coming down. So reform works, but you must do it well – you go deep, you go far, and you also give it time. It is not going to happen overnight.
If I look at the numbers, clearly the Irish recovery is quite extraordinary because when you look at growth …it is up and the highest in the eurozone. if you look at unemployment..it is down by almost 3 percentage points. If you look at debt; it is declining. If you look at deficit, it has been halved almost. So almost all those numbers are really solid and give the direction of a good recovery.
Now, there is still over 10 percent unemployment and there is still over 20 percent young people unemployed. So we are not there yet. Although Ireland is off to a good start, it still has work to do to continue that unemployment decline and that job creation. Those will be the key tests to actual and full success of the Irish recovery.
There has to be a 'no' so that the 'yes' can win. A 'no' vote would have worrying implications, concerns about unemployment, concerns about cultural diversity, about national identity, about globalisation along Anglo-Saxon lines. There would be many troubling things about a 'no' vote. No' is not a response, it's a question, a question from people who are worried, and we have to answer that question.
While the unemployment rate remains above 7.0 percent, the MPC (Monetary Policy Committee) stands ready to undertake further asset purchases if further stimulus is warranted.
We still have very high debt levels, we still have very high unemployment levels and all these things have to be addressed.
In advanced economies, growth is now too low to make a substantial dent in unemployment and in major emerging markets, growth which had been strong earlier has also decreased.
The aim of our policy is to secure recovery as quickly as possible, that would – of course – be welcome. But policy is not built on hope but on expectation, and we estimate there is only a one in three chance of unemployment coming down that quickly.
We need logistics, and we need economic assistance. These are important to Yemen because the economic problem faced by Yemen, and the high rate of unemployment and poverty, is a suitable breeding environment for al- Qaeda, considering that many young Yemenis are frustrated and will turn to this organisation.
This demonstrates our economy is not slowing down as some have suggested. Not at all. The latest figures show that after the economy in the second quarter was a little weaker than the first we have now seen a remarkable rise in the number of jobs Unemployment last year hit 11.3%. It increased slightly in the early part of this year, but fell in the second quarter and is now at 10.54%.
For Spain, growth is expected to have returned in the third quarter. Large needs of adjustment still remain, which in Spain is visible in the unbearably high unemployment rate, though this seems to have been stabilising recently.
The situation of youth unemployment in many EU countries especially in the southern periphery is as worse as it was a year before or even worse. So we see a crisis which is moving from different phases into maybe a calmer phase but it's not gone.
The French president is making the wrong analysis of the situation to justify – or try to justify – unemployment figures, that it would be the employees fault who would cost too much.
With a sustainable recovery not yet assured – this is still very much a jobless recovery – ECB President Draghi, in his press statement, will likely keep the door to further easing wide open.
Unfortunately, the measures that the new government has put in place actually are cutting the number of jobs, increasing the number of people who are on unemployment benefit and increasing the welfare bills as a result.
Here the supporters, sympathisers, citizens have only their job as their source of wealth. There is no difference between real work and fake work. Over here, we work. And when we don't work, we want to work and we ask for work…..The candidate of so-called 'true' work has been the candidate of true unemployment for the last five years.
If we want to solve problems like climate change, like unemployment, like bad financial products coming from the other side of the ocean, we need European cooperation, we need a European Union [that is] stronger, that can defend its model against China, against India, against the US.
I keep looking and looking. I've taken anything that's come up, but there's so little available. I'm doing anything I can to live day to day. I'm single with a daughter who's studying. I'm almost out on the streets.
The situation is very negative. Spain is getting increasingly worse. I see the future as very uncertain and very negative. I think the government is handling things very badly.
I don't think the British model is one we should envy or want to copy. Unemployment figures may be somewhat lower that here. But if you look at the major elements that make up a society, be it health, or the fight against poverty, you will see that we are much better off than the British.
We had expected a gradual stagnation or coming down of unemployment numbers. That's not something we foresee this year any more. Even in our baseline the unemployment numbers are increasing. With a possibility of a serious deterioration of global growth these numbers actually increase very much.
The jobs crisis calls for a mechanism to bring forward the gains of structural reforms. That is why we suggest a mechanism, some form of agreement between employers and labour to accelerate hiring and accelerate wage adjustment.
In our view, nothing helps raise demand like a man or a woman with a job and an income. So that's why the focus on wage adjustment, on labour market reform is precisely to produce aggregate demand, that will create people with incomes. Right now you're losing aggregate demand because people don't have a job.
Growth could be at least one per cent higher by 2012, the unemployment rate could be cut to 5%; two million jobs could be created; unemployment among young people could be cut to a third of current rates.
The economic tailwind from the last two years is clearly fading away.
We will make additional efforts so that we can guarantee fulfilling the deficit reduction objectives and we will have to look at which parts of the different areas of the administration need to make an additional effort.
There isn't a lot to go on that might suggest we're looking at a record low popularity or a deep falling out of love between the French people and Mr Hollande. We're sort of in between, still waiting. The French are very worried about the unemployment rate and also our public finances. The moment of truth will probably be in the autumn.
Compared to last month the number of unemployed has fallen by 131 000, and compared to May 2006 there are 529 000 fewer jobless. After seasonal adjustments, there's a slight rise of 4000 out of work.
There is no work. People have diplomas, they have studied in university, they have MA's even, but it doesn't open any doors. It could be that it doesn't shut any door for you, but it's not like before when if you studied you had a career.
They shouldn't be given social security, they should be sent back, because they have to look for a job themselves, we are not their parents.
Don't give up, we are young and we are the future. So if it does not work the first five times, 10 times, 20 times: keep on trying.
They should be forced to accept every job offer that is in the real labour market and in the real economy.
The main reason for the increase in unemployment in France is mainly cyclical growth is too weak to power job creation and reduce unemployment. It is a long way off the level that would reverse the unemployment trend, in other words a level which would create enough new jobs to absorb people coming into the labour force and reduce unemployment.
Unemployment is up across the board and there was less demand for workers. Right now, the jobless totals are only being held in check by short-time working.
Despite the fact that we will have positive growth and we are out of this dramatic period of strong decrease of activity, we nevertheless are not very likely to have sufficient growth to permit to diminish unemployment.
We can safely say that we are no longer facing the potential collapses of our financial system, and we have avoided the depression many feared. Our economy is growing for the first time in a year and the swing from contraction to expansion, since the beginning of the year, is the largest in nearly three decades. Finally we are no longer seeing the severe deterioration in the job market that we once were, in fact we learned on Friday that the unemployment rate fell slightly last month.
There are many people, about one third of those registered as unemployment, who didn't have a job before, so they weren't laid off. That's a fact. In March, there were more than 10,000 people who decided to register as unemployed, for the first time.
Once the economy improves in the course of the year, unemployment too is likely to fall again with a delay.
Every newly released set of unemployment figures reinforces the need for us to keep working, and to be aware we cannot slow down the pace of reforms. We have to work as fast and as hard as possible to get back to growth and creating jobs in this country.
There is a generalised recovery, but this recovery is not as strong as we would like it and not as generalised and that there are downside risks with high unemployment, with high deficits, and many consequences of the crisis for the most vulnerable. The legacy of the crisis is still there, and it is very tough for the most vulnerable.
Such unacceptably high levels of unemployment are a tragedy for Europe. They signal how serious is the crisis some eurozone countries are now in. The European Union and its member states have to mobilise all available instruments to create jobs and to return to sustainable economic growth.
Given the present conditions of output and unemployment, which is at historical high, any exit strategy talking for the time being is premature.
If there are three words to remember after this summit they are: speed because the need to act is urgent, solidarity because we can not abandon a whole generation and finally security because we have to propose jobs and training with real prospects for young people.
We will not seek a rescue. A full rescue bailout is not an option. What we are doing is working to accomplish the resolutions adopted by the European Council, and the measures announced, which will give us more stability in the euro area.
Sure, but what I'm trying to describe is a relationship whereby there has been a breakdown between the police and young people generally, and that's white and black young people. And their relationship with the police has been one of 'stop and search'. There were other tensions that were building up, and that's unemployment: a lot of young people don't see a future ahead, they feel marginalised, they feel that they operate on the edge of society.
With an unemployment total of over 4.9 million and a jobless rate exceeding 20 percent there is no government that would be happy with the current situation.
There has been some talk that if they do wind up tapering, that they will lower that threshold on the unemployment rate, possibly to 6.0 percent or even 5.5 percent, to signal that they are going to remain extremely accommodative even further out in the path of policy. So there is kind of different tools.
The issue that will be at the top of my government's agenda is unemployment. Only with employment can we can emerge from the nightmare of impoverishment and head towards growth, overcoming social injustice by bringing wealth.
The unemployment situation has worsened and has not yet bottomed out. We expect we're going to see even harder and difficult times.
By voting but also, for many people, by abstaining, the French people have also expressed their rejection of the policies of the president and his government. I really believe that they have punished an unfair policy, of fiscal gifts for the most privileged to the detriment of employment and the fight against unemployment and to the detriment of the purchasing power.
We do not want investment to mean greater inequality. We want investment to mean, quite simply, jobs. As many jobs as possible.
Congress has to take some action because while we see the unemployment rate where it is, it's not acceptable.
For countries that have traditionally relied upon the family as a safety net, like Italy or like Spain, most of the Mediterranean countries, it really matters then whether there's unemployment among older adults. If there's unemployment among older adults, then the safety net – period – collapses.
Let's not fool ourselves, we're scraping along the bottom.
We could see a social explosion in the fall – no one can precisely predict what society's tolerance limit is.
My mission is a simple one: it is to recover growth and reduce unemployment. And it's on those results – and only those results – that I seek to be judged.
There are a number of weaknesses which weigh particularly on household behaviour…One is that the housing market has lost momentum, meaning that it's not clear what the dynamic of house prices will be. The other element which weighs negatively on households is the unemployment situation.
We have a very 'hot' autumn and winter ahead of us. Key here are the unemployment figures, which will probably rise, consumption will plunge and both will have an impact on bank business, such as loan defaults. That could lead to a second phase of the financial crisis.
While there is no quick fix, much more can be done to invest in training, better match skills to labour market needs and to shift the burden of taxation away from labour. These measures may not bring immediate results, but they will ensure that, when growth returns, it is job-rich growth that will reduce unemployment.
After having climbed in the last two years, the unemployment rate in the euro-area is now stabelized since march at around 12%, which is of course far still too high. It's too early therefore to be complacent, we need to carry on with all our policies with resolve – and that's what we're going to do!
The austerity measures are supposed to be improving things, but the country's deeper in debt, unemployment is rising and the recession is worse than anywhere in Europe.
In Europe now, because of this losing mentality, there is the idea that all the world is in crisis. But in reality, the world as a whole has never been so well. Asia is growing, Africa also – starting from zero, of course, but it is still growing…the United States from two to three percent. Only Europe is suffering. When you have zero growth, a horrible rate of unemployment, even more so if we look at youth unemployment, then you have to put some fuel into the economy.
High youth unemployment combined with hatred for Germany can turn into populism and nationalism quite quickly and, in the extreme case, lead to an end of the currency union.
The plan aims to stimulate employment, especially for young people in Europe. It comes on the same day that France announced record unemployment figures. Employment could turn out to be the testing ground for the Franco-German friendship.
This was the best December for registrations since 2001. It is not a coincidence, but rather reflects a series of circumstances which inspire confidence.
I love Iceland and have always lived here and want to stay here in the future, but if politicians don't do anything about unemployment so it starts to go down or create more jobs one will be forced to emigrate. That is how things are.
When unemployment for young people now in Greece is 25 percent, how can you hope for something when the only sure thing is that you will not find the job you want?
We have subsidies in the Netherlands. National subsidies and the European Social Fund give us (the companies) money that goes towards educating (training) the temporary workers.
We can't afford not to do this; education equips people to be competitive – to be human capital. A system that doesn't do this will not be able to withstand pressures from emerging countries.
The Moravian-Silesian region has had structural problems and high unemployment for a long time with currently 80,000 people out of work there.
First, we'll open new doors to higher education and job training programs to recently laid off workers who are receiving unemployment benefits. And if those displaced workers need help paying for their education, they should get it.
Men who were in power or who had ties to power recruited young Tunisians, exploiting poverty and social exclusion, unemployment, bribes and jihad – as if that were true jihad.
I wanted to put forward a strong solution, because I am convinced that in addition to the state's obligations, only a better balance between flexibility for employers and job security for workers will allow us to cut unemployment in our country.
Those who earn more will make an extra contribution to the jobless insurance without receiving increased unemployment benefit.
I must set the course and the pace. The course is recovery for France. It has high unemployment, weakened competitiveness, considerable deficits and is historically indebted. My mission is to see our country recovers, and I'm going to give it two years. You tell me to speed things up, and I do!
Despite the fact that the unemployment rate has risen, there is a favorable long-term trend – as we've been pointing out – regarding hiring, and fewer people registering for unemployment benefits. That matches the recently published economic figures.
I think we're going to be looking at a much longer period of pain for Greece. The rate of the decline in unemployment is still going to be extremely slow, especially compared to the rate that it increased over the last couple of years. So while it's a positive thing that we are seeing in Greece – and if you compare it to where we were say two years ago it is a hugely positive thing – it's such a long road ahead for Greece and a lot more pain to come.
We must do whatever it takes to overcome the unemployment crisis in Europe.
While jobs are increasing in some member states, no real improvement is forecast in the unemployment situation in the EU as a whole.
Despite the country's oil reserves many Venezuelans live in shanty towns, unemployment is rife and around 60 percent of the population are described as poor.
100 million people in the world, particularly in our nations, are victims of illiteracy, unemployment, hunger, poverty and curable illnesses.
The recovery is still very fragile, the financial system in Europe is still under heavy strain, debt is still too high, both public and private, stubbornly high unemployment is really straining the seams of society, and – to add to the list, as if it wasn't enough, oil prices are clearly another cloud on the horizon.
If we want to win the battle against unemployment we have to nurture our 24 millon SMEs. Growth is linked to big business, but job creation is driven by SMEs.
Thank you for being with us today on the eve of the IMF Spring Meeting here in Washington, DC. Let me start by asking you about the global context of this year's talks. We have unbalanced growth, massive unemployment, deflation risks, monetary tapering in progress, and all of a sudden we have political instability, not at some distant place in the world, but right on Europe's doorstep. Give us a sense of how all that will shape the discussions at the Spring Meeting?
In Europe, we see growing inequality and a high level of unemployment, especially youth unemployment, and you mention this in every speech. What are you telling youngsters who are worried? Is there hope that this 'low growth trap', as you have called it, will not slam shut?
The troika has admitted that the policies it imposed on us and implemented were a mistake. The result is huge unemployment, a huge recession, huge economic problems and poverty, without any prospect for change or growth.
With the Greek economy steadily improving over the past 12 months, the government is attempting a symbolic return to the capital markets by issuing bonds. But this seems to mean very little to the country's workers who've been experiencing severe pay cuts, amid unemployment that is over 27 percent of the workforce.
I will be an active president, and I'll loyally cooperate with every branch of the state to support the major national strategies. In the immediate future, the priorities will be to fight the cancer of unemployment, contain our foreign debt, and reinforce the competitiveness of our economy.
Spain has a dramatic problem of unemployment, with young people and not so young. And we cannot wait for the economy to grow for create more jobs. That's a task for the state.
First and foremost, they wanted to reduce public debt. Then came economic growth, and reducing unemployment, which is high in Hungary.
Well, Hungarians were very proud a couple of years ago that they were the regional leader – for attracting investments, for low unemployment and for economic growth. This, unfortunately, now lies in the past, and Hungary is increasingly falling behind. Studying the investment figures, we see that this could even be chronic.
Unemployment declined again in March. Employment and social security contributions are increasing. The demand for workers continues to rise and is at a high level.
There were 365,000 fewer people employed in that 12 month period. It's as if we had lost 1,000 jobs every day. This is clearly a problem. We're seeing signs of recovery, sure, but it's not enough.
The Greek economy's great achievement since the Chancellor was here before has been producing a primary surplus during a recession. This means lower expenses for borrowing, but at the cost of higher unemployment. I think the country's greatest achievement is the endurance of its people.
It does always depend on economic factors such as unemployment, interest rates and the general state of the economy.
The fall in unemployment and improving recruitment are no longer purely seasonal or temporary phenomena, rather these are sustained trends that are going to be reinforced month on month and are consistent with the data on hiring.
I am very happy that the protest worked because today, in a crisis, the young are the most affected by unemployment. To give the impression that someone has more rights than others and can find work without earning it, I think it gives a bad impression to young people.
It's laughable, those who say talking about growth means violating the Treaty. The Treaty breakers are those who talk only about the Stability Pact. Unless we reduce unemployment, unless we can create growth again, we won't have any stability.
The unemployment rate will rise to 8 or even 9 percent. What we have now is only the government registered unemployment rate of city residents, it doesn't include migrant workers.
It will be several years before the unemployment rate has returned to a more normal level.
It is never enough, if one looks at the size of the problem, but the European budget is not the primary solution for youth unemployment. The main issue is how well all the member states can improve their competitiveness and create real jobs.
This is an important step to be able to plan our expenditure, and really try to do something for growth. Most of all it is central decision to act against unemployment and youth unemployment.
Yes you are right partly, the unemployment question is mainly the responsibility of national governments. The European budget usually can only push, can make an impetus, can make an incentive to tackle these questions, but it cannot solve everything and this will be bad perception if we only think that everything can be done from Brussels with one percent of European GDP in European coffers.
I wouldn't call it a cooling down, but a realistic assessment of the economic situation.
I want something done instead of writing us off. I am waiting for specific action towards reducing unemployment.
Unemployment, more or less, made me leave Ptolemaida and seek a living and work in another country. Here, I earn 700 lev (358 euros). It's more than enough. This is a much better life than the one I would have in Ptolemaida.
Unemployment is increasing and people are tired; the people who they're calling 'old regime remnants' in the square, all these people are civilised, university students, doctors, and they're all exceptional people. What the government is doing is unacceptable. The police are firing at us without any of us throwing a single stone; I am a witness. I swear to God, right now they fired without any of us throwing a stone.
If the president passes the law, and if he does so quickly, as seems likely, that'll mean he has chosen a trial of strength with the country, that he has decided to force through a widely-contested law.
Immigration is not a problem of security. First of all it's a problem of eradicating profound roots of poverty and unemployment.
Well, it's clear that the job losses will be a real shock locally. Lots of people nearby work at the plant. So there will be more unemployment. And that could, of course, lead to a fall in sales. That could happen.
The government is trying to put in place all the measures necessary to change the situation – to end Spain's complicated public deficit and unemployment situation, so that we can return to growth and hire workers.
The government is trying to put in place all the measures necessary to change the situation, to end Spain's complicated public deficit and unemployment situation, so that we can return to growth and create jobs.
Unemployment is up for a reason – because the working population has increased. That is the number of people available for work being higher than in previous quarters.
In those countries where the unemployment rate is highest, small and medium enterprises, have no access to credit. Banks are getting money from the ECB with 0.25% interest and they are not investing in the real economy. They are once more speculating.
We will maintain and extend the coverage of unemployment benefits, regardless of how high the unemployment rate goes.
Economic growth in the first quarter was supported by continuing expansion and demand by US households and businesses, which more than offset the drag from declines in government spending – especially defence spending. Despite this improvement the job market remains weak overall, the unemployment rate is still well above its longer-run normal level, rates of long-term unemployment are historically high, and the labour force participation rate had continued to move down.
The path ahead is full of obstacles which, above all, includes an unemployment rate of 26 percent.
Long-term unemployment is a crucial problem. It's increased, despite the positive benchmark data, Moreover we have problems in job training. Now is not the right time to sit back and take things easy.
The economy's longer term rate of growth and unemployment are determined largely by non-monetary factors, such as the rate of growth of labour force and the speed of technological change, and it should be noted that estimates of these rates are inherently uncertain and subject to revision over time.
It is a stalemate situation and the problem is that we cannot see a light at the end of tunnel. They promised new jobs, but we still have a serious unemployment rate. They promised economic growth and there is nothing like this. And we still have painfully low incomes.
The crisis affected the destination a lot, because of the fall in demand, we had a fall in prices that was over 40 percent over the past four years, but again we have to look at the positive side of this, which is that today we offer much better value for money.
Poverty and unemployment have increased dramatically because of the war, and I've heard about cases where bulldozers were searching the ruins for treasures. It happened that during our night field trip, we ran into armed men.
I firmly believe that restricting the free movement of European workers is not the answer to high unemployment or a solution to the crisis.
This will be a consequential election. No one should have any doubt about that. No one is satisfied with the current condition of our country. Staggering unemployment, a devastated housing market which shows little signs of improvement, a river of red ink that threatens your prosperity and the prosperity of future generations of Americans.
Less unemployment and more employment are clear signs of improvement and the beginning of recovery. That is good news and encourages us to continue working for those who have not yet found a job. For us, more jobs mean always more confidence, and above all, more employment is the guarantee of a real recovery.
With today's report, the unemployment rate is falling as fast as at any point in the last 30 years, and the economy is on pace for its best year of job growth since the late 1990s. The economy has come a long way since the crisis six years ago, but more must be done to create jobs for those still searching for work and ensure that those working see the strengthening economy translate into rising wages.
If we choose the path that the opposition wants to reduce unemployment benefits, to get rid of other welfare benefits and make things even more difficult for the most disadvantaged, it will be the end of this country's welfare state.
It is not impossible – if things don't improve, if unemployment keeps rising, if social conditions stay as bad as they are. That is four years away, so conjecture like that is somewhat fictional. But parties that are against the system are gaining ground everywhere in Europe. The only thing that can prevent that from happening, apart from an economic recovery, is that all the allies of the left rally around a single candidate to avoid a disaster like the one that happened to Jospin in 2002.
More than 300 million youths were working poor in 2005, that is living below the US two dollars per person per day poverty line.
My parents have always valued the things you do not get with money. They have made their efforts and have enabled me to obtain education which opened my horizons. My wish to travel the world derived from my father who had the opportunity to visit more than 60 countries across the globe.
I applied, and the jury selected my piece. The prize was a trip to Berlin, where I met awesome journalists from all over Europe. The next year we organised a meeting to Istanbul. We have been connected ever since. It's nice to be a part of their group.
I want to make it very clear, working longer hours doesn't lead to unemployment. On the contrary, when we work longer its creates wealth, creates more growth and thus more employment. To finance our country's social projects we must increase the number of hours we work overall.
But despite positive data in recent weeks, it's evident that Spain is still struggling to balance austerity with growth.
I have the feeling that there has been a very sharp halt in activity in the last two years, maybe more than is rational, and that's starting to normalise.
At the same time unemployment in the euro area remains high, and the necessary balance sheet adjustments in the public and the private sector will continue to weigh on economic activity.
These are the two faces of France today: record unemployment on the one hand and jobs that remain empty on the other. A paradox that is weighing on the prospects for economic recovery.
The protests are shedding light on issues such as corruption, poverty, high unemployment and rising prices.
There is a palpable sense of optimism in some quarters that the European crisis is over. But can a crisis really be over when 12 percent of the labor force is without a job? When unemployment among the youth is in very high double digits, reaching more than 50 percent in Greece and Spain?
There's a point when people just say enough is enough. These are the disheartened unemployed.
Future move is one of those programmes which is more focused on work qualifications and looks at what people have? What kind of education did you do? If you dropped out of school, it doesn't matter. We look for what is best for you, a tailored made job, with the qualifications you have and see if we can make something out of it for you, with your own skills and work experience.
You don't get your dream job on day one. When you finish high school, you have to work towards your dream job. I always say do a job and maybe it is not the best job you had but from that job you look for better jobs. So I say from work to work it is always better than from benefit to work.
A growth rate which has been fluctuating around 7.5 percent has not caused huge rates of unemployment. So we believe that a margin of fluctuation centered around 7.5 percent is part of our potential growth level. So we should not worry because of minor fluctuations.
This is historic, and we must congratulate ourselves sincerely. We have a jobless level lower than eight per cent. It is the first time that unemployment has dipped below eight per cent since Spain has been a democracy.
Jobs, jobs and more jobs. That's the absolute priority. It's not only about making money circulate again. Italy does have a financial crisis but above all it has to get its confidence back, give young people back their confidence. Youth unemployment in Italy today is higher than 40 percent, and one young person in every four is neither in work, studying or training. No country can survive that. The country is going to have to be kickstarted so that young people go back to work. I think Renzi has a chance.
The people of Europe are protesting against high prices, against increased unemployment, against anti-social rights that the European leaders are imposing.
We will reduce the federal business tax rate from 35 percent, the second highest in the world, to 25 percent. I am also proposing today that for those who are between jobs, we eliminate all taxes on unemployment benefits.
France remains, by far, Europe's main military power. France remains, by far, the leading economic power in a large number of sectors and there is a lot of unemployment in Germany. Germany has many difficulties. France also remains the top demographic power.
With this new data the tendency of the past months continues. The Labour market is, all in all, in fairly good shape, and we expect stable development also for the coming months.
The new government has made defending jobs one of its top policy priorities. The economic crisis is giving them an opportunity to demonstrate that.
Oh course, if nothing is done, there is a risk of a prolonged labour market recession in Europe with a lot of people moving into long-term unemployment or even dropping out of the labour market, which means that they no longer participate.
Sicily has always been a place of negative connotations, mafia and unemployment. We wanted to lift up Sicily in our own way.
We must keep unemployment to the absolute minimum and support those who have lost their jobs. We will review how we can reinforce the effectiveness of the Globalisation Adjustment Fund. We will encourage member states to reprogramme funds under the European social fund, to support measures to quickly get unemployed people back into work.
Tunisia is in an economic downturn with low growth, tourism is sluggish, which is the backbone of the economy and unemployment is at around 800,000. What are your plans to deal with this.
There is no magic solution, we can not say today we have a solution for unemployment and a growth rate from zero to eight per cent as we would wish. This requires all Tunisians, the government the opposition, all classes and people must work together to rectify the situation, back the government and its institutions and find national and foreign capital, there are many promises and many investment opportunities in Tunisia.
This region is affected by what we call 'structural change'. It's led to a shifting in the demand for the industrial workforce. Traditional work places don't exist anymore, and the unskilled work sector has disappeared, leading to a relatively high unemployment rate in the Ruhr Region. For me this is the main reason for rising poverty rates. It's directly linked.
To me, it's obvious: we can only abolish long-term unemployment when we get more public sector jobs on a grand scale. You know that the astronomics industry is 100% funded by grants and subsidies? Society widely accepts this as the norm. We need the same level of enthusiasm and acceptance for abolishing long-term unemployment.
Let us imagine the worker in Germany, France or in the US, or anywhere in the world, who is going to lose his job in November. The crisis is in front of him. And, for so many people around the world, because of rising unemployment for rather a long period of time, the crisis is still there.
Even on the German side, things are changing. There's a new way of thinking regarding the ECB and eurobonds. There is a new mindset. I promise to come, the day after the presidential election, to renegotiate the policy and win vital support for promoting growth in our economies, to reduce unemployment and to solve the debt.
It's a difficult situation that's not yet over. I believe everyone in Spain should recall what the prime minister said in his address to the nation at the end of the year, that we've reached the worst and most difficult part of this economic crisis.
Next year is going to be really tough. Higher interest rates, rising unemployment, higher taxes. We're really going to see a squeeze on consumers then. This year, they've got money in their pockets. They think: 'We know it's going to be tough next year. Let's have a good time.
When companies were closing everywhere, we set up 170 new businesses. That allowed us to create 400,000 new jobs. The unemployment rate in Kazakhstan has not gone up, but rather it has fallen from 7.5 percent down to six percent, and it's all been done using our own reserves.
The country is entering into a long period of sustainable growth rate and primary budget surpluses, which will boost employment, cut unemployment and improve living standards for all citizens. This is the result of unprecedented sacrifices by Greek households and businesses. And those sacrifices won't be wasted.
The figures are still high given the lack of economic stimulus in Germany in the last year. The result of that is a jobless level that is essentially unchanged, it was high in 2003 and it was high again in 2004.
The big change has not arrived yet, the social welfare reforms have just started, so you can't expect immediate results. The latest figures reflect not just the state of the economy, but also those welfare changes.
Many companies are facing a fall in orders and reduced demand. More and more you see the effect that's having on the jobs market. And that means another rise in unemployment.
Old and young people have their own pain from either quick economic development or unemployment. I hope the government will care more about people's health.
It is good that Germany is a welfare state. That's why the unemployment figures are still lower than in other countries. Given the difficult economic context, the July figures we are now reporting are truly sensational.
We need a contract of employment that is better suited to young peoples' needs and that can offer them faster and more certain access to stable employment. At the moment young people are being asked 'what experience do you have' when they can't have any because they haven't had a job yet. It is absurd and unjust. I therefore wanted to create a smooth path to long term work contracts: a first job contract.
We are pushing for bold action to stimulate job creation for young people, even unorthodox measures that you don't necessarily consider in normal times, like some subsidies for hiring at companies.
Unemployment is at record highs and at the same time governments are having to reduce the resources they can allocate to the protection of the unemployed. It's one of the paradoxes of a crisis whose effects are destined to last for some time.
The stresses in the euro area affect the UK through many channels, growth is too slow and unemployment – including youth unemployment – is too high. Policies to bolster demand, before low growth becomes entrenched, are needed.
It's totally imaginable that given the tension, we are going to see over the next few months food riots, riots over poverty, riots over bad governance.
Considerable time likely will be required before the unemployment rate has returned to a more normal level. Persistently high unemployment by damping household income and confidence could threaten the strength and sustainability of the recovery.
We carved out six billion euros and that money is targeted towards fighting youth unemployment; and by the way this initiative is one of the reasons I hope an agreement will soon be reached between the council and the parliament on the multi-annual financial framework.
It seems that for the rest of the election campaign the first Friday of every month is going to be unkind to Barack Obama. The headlines will likely be negative for the president surrounding the unemployment rate – if it stays the same or worsens. The White House fears it will compound the desire for a change among a sour electorate.
Every euro spent on debt is a euro not invested in jobs, not invested in youth, not invested in entrepreneurs or education or research.This is why we need to keep healthy public finances, we need to go for structural reforms and we need to have measures to foster growth, mainly to try to tackle the urgent and dramatic issue of the unemployment, specifically youth unemployment.
The big story remains the huge divergence between unemployment rates across countries. There is nothing to suggest that the eurozone economy does not need additional policy support, though the ECB looks unlikely to oblige this week.
As expected, the labour market showed a lagging reaction to other positive signs in the economy. The increase in unemployment is also due to a loss of support from tourism which was seen in the previous months.
The situation is the eurozone is not as good as forecast. We need to know how to react to get faster growth. It's in everyone's interest. It's especially in France's interest, where we are struggling to rebuild our industrial base and cut unemployment, particularly youth unemployment. I think it's in the interests of every European country, whatever their rate of growth or unemployment.
Consumers are still doing little to help the eurozone return to growth, which is little surprise given the pressure they are under in a number of countries from high and rising unemployment and limited purchasing power.
For the first time in a long time you don't have to be an optimist to see the glass is half full. The recovery has finally taken hold.
The EU will top up national spending on these schemes through the European Social Fund for the period 2014-2020, together with the Youth Employment Initiative, which has a budget of 6 billion euros and is an additional help for European regions with youth unemployment at above 25%. All EU Member States have presented national Youth Guarantee implementation plans, and their implementation is now starting.
EU countries are working towards setting up a Youth Guarantee, a new approach to tackling youth unemployment. The aim is to ensure that all young people who are up to 25 years old even those not registered with the employment offices, receive good employment offers, continued education, apprenticeships or traineeships within 4 months of finishing school or becoming unemployed.
We want to stop the madness which is about putting the state further into debt and burdening working people, increasing unemployment and increasing emigration. What's needed is for people to come out on Friday and make a stand.
Proposals are going to be discussed. Germany is committed to doing everything to lower youth unemployment, which is very high in certain countries, notably in Spain. Youth unemployment is too high across Europe.
As a matter of priority we should speed up the Youth Employment Initiative, set up Youth Guarantee schemes, mobilise all available resources in support of youth employment, and increase youth mobility, all of this with the full involvement of social partners.
The main thing here is about improving competitiveness. It is not about more and more pots of money.
Factories are closing, unemployment is increasing, SMEs (Small and Medium-sized Enterprises), aren't surviving the economic crisis. Is it all completely unavoidable or can we get out of it?
With unemployment still elevated, and inflation projected to run below the committee's longer-run objective, the committee is continuing its highly accommodative policies.
Well we can be slightly optimistic now we have gone through very, very hard years, three or four very, very hard years, cuts on wages, cuts on pensions, 30 percent, almost 30 percent unemployment. This is a really disaster.
Unemployment now is different because it is lasting longer. People are out of work for over six months, in many cases more than a year. These are challenges we've never faced before. There is a risk that these people won't get back into the job market.
Our immediate priority is to return to recovery ahead of time, to defeat unemployment, bring in new investment, avoid new measures and create jobs for young people.
For the two years that I have left, until the very end, I intend to reform my country, to make it stronger. I am doing all I can so that, by the end of my mandate, I will be able to be, not proud of myself, but conscious of having been useful to France.
It's a day we will also talk about economic policy that is necessary to get that growth to Europe, there is more potential than we are achieving at the moment, growth rates are low and unemployment is dragging behind. We have to pick up the speed of recovery.
Being on the offensive means mobilising all our forces for employment and that's why I made a personal commitment to reversing the unemployment trend – some people said that I rushed into that without enough precaution. But I hold on to that promise and that's the road map for the government.
And we will reduce the federal business tax rate from 35 per cent, the second highest in the world, to 25 per cent. I am also proposing today that for those who are between jobs, we eliminate all taxes on unemployment benefits.
We've agreed we need budget discipline – that's good! It's also a question of fairness between generations: I don't want my kids and their kids to finance my lifestyle! It's not acceptable that in some EU countries there is 50 percent youth unemployment!
He (Obama) said he was going to lower the unemployment rate down to 5.2 percent right now. Today we learned that it's actually 7.9 percent and that's nine million jobs short of what he promised. Unemployment is higher today than when Barack Obama took office. Think of that. Unemployment today is higher than on the day Barack Obama took office.
If we manage to increase our domestic production, the issue of inflation will be resolved, the issue of unemployment will be resolved and our economy will be strengthened in the real sense of the word, which will disappoint the enemy.
We agreed to fight together against unemployment.