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Jobs Figures Painting a Bad Picture for Economy

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    Generation Opportunity President Paul Conway on the latest jobless-claims report.

  • Duration 4:53
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-- I have bad news on the employment picture this morning -- -- this 388000.

People filed jobless claims last week which was a lot more than expected.

Joining the company is -- -- former chief of staff for the US Department of Labor under president George W.

Bush so welcome welcome the -- go to -- -- sister festival last week we got this goes so convenient draw in new jobless claims the president went down and exploited at the economy is going in the right direction.

A lot of people -- trust the numbers and now complete reversal you want to tell us what's going on.

Sure here's what's going on through I think most citizens it looks like one of those things on local -- TV received state lottery guys following all the little bouncing balls numbers on it.

But the bottom line is what happened last week -- you've had or reportedly according to Dow Jones a state that had not filed their quarterly report they have filed their weekly report.

And when the quarterly report comes in in many states including California people had to re apply for benefits that didn't happen that report didn't come and so is artificially depressed.

By about 30000 claimants most people had expected it to be around 369000.

Claims.

So what happened last week was -- not an accurate picture the problem for the department was this.

They did not explain that early -- -- press release right and that's what taxes if that's what kicks up a lot of distrust so that.

Did this week's number the woman came out today.

388000.

That seems to me like a very high number I'd characterize this as painting a miserable picture of the employment situation how -- -- Well here here's -- thing if -- at a range around 300.

And 30000 numbers it means that you have pretty good economy going on some growth going on -- I think the closer you get 400000.

Is recession territory.

It's true width 388000.

Part of this problem with this number is -- setting in motion last week.

And for confidence in the markets what's important here is leadership.

And quick through the Department of Labor should be doing with the governors especially this close to the election is telling people in the states look.

We rely on you for accurate data we understand that can be aberrations but for the American public and for investors and for Wall Street.

You need to have absolute attention on this an absolute accuracy and then within the department.

When they're reporting these numbers they need to add all the caveats for those like -- -- were reporting it so people can have the accurate information.

388000.

Seems like a big number -- -- -- way to zero win if you will on the employment situation for college graduates.

Governor Romney in the debates repeated this statistic frequently.

Half new college graduates can get a -- Is that accurate.

It is accurate as matter fact that's rooted in a Rutgers University study that came out about six months ago -- -- actually get a very thorough.

Report as they're known for and what the -- that 50% of college graduates -- now eighteen to 29 young Americans.

Are either unemployed or underemployed that's stunning figure when you think of all that intellectual capital sitting on the sidelines -- the president doesn't -- -- talk about the.

You know local we got numbers out today as well showing that the average student debt for the class of 2011 admittedly a year old average student debt is 26000.

Dollars and -- -- -- all 2011 black graduates.

They have student debt to third zone.

That's a miserable again I think -- keep repeating the word -- is a miserable picture.

Well I think it's absolutely horrible we did a recent survey of eight young Americans eighteen to 29.

And 84% of them indicated that the economy has impacted.

Your key decisions that they make and one of those decisions is repaying their -- 64%.

Indicated that upon graduation was more important to them.

As a full time job a meaningful job as opposed to a lower student interest rate so the president wants to talk about lowering student interest rate.

But the key issue here is this you can't repay a loan unless you have a full time job.

It -- come back -- comes back down you've got to have growth in the economy.

You've -- -- have seen up that you're gonna have growth about one last one for you on the Friday before the election on the Tuesday November -- on -- Friday we get the next big picture.

Of the the jobless picture report the jobless rate.

Now we have the surprise move down to 78 last time and that big jump 870000.

People suddenly miraculously found look.

What do you think we're gonna see on the Friday.

I think you may actually see it go down further and here's the key thing everybody's watching this number.

And the issue here is leadership by the secretary making certain that that is clear because you have hard working civil servants in that department that don't wanna be maligned.

They don't want to be cast with suspicion but the secretary owes it to the American public to make certain.

I agree removal diligence on the second if the rate goes down.

It will presumably be because people on dropping out of the look for us is that's exactly right that well that's absolutely right OK that's exactly right.

They pull -- -- you know you stuff and we appreciate you sharing with a full thank you -- it was a all right if it.

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