Obama Expects “Dismal Job Report” to Be Released on Friday

President Obama announced today that the governments employment data, to be released on Friday, is not going to be pretty.

“Tomorrow we’re expecting another dismal jobs report on top of the 2.6 million jobs that we lost last year,” the president said during a visit to the Department of Energy on Thursday.

A Reuters poll of private economists predicted that employment for January would show around 525,000 layoffs. December’s total was 524,000. That means that January makes the third straight month of more than 500,000 layoffs. It would rase the unemployment rate to 7.5 perent, which would be up from 7.2 in December and the highest it has been since August 1992.

“We know that if we do not act, a bad situation will become dramatically worse. Crisis could turn into catastrophe for families and businesses across the country.

The government employment data report is scheduled to be released Friday morning.

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