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CNN Live At Daybreak
Unemployment Figures to be Released Today
Aired October 03, 2003 - 06:36 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: There's a new poll looking at how President Bush is doing. According to the CBS News/"New York Times" poll, it's not too good -- it's not good news for President Bush, I should say.
Fifty-one percent of respondents approve of the job he's doing. That compares to 50 percent in August of 2001. After 9/11, it soared to 89 percent.
Asked if the war in Iraq was worth it, 53 percent responded no.
When asked about the president's decisions regarding the economy, 40 percent say they have confidence in his decisions compared to 54 percent in April. Fifty-six percent say they don't have confidence in his economic decisions.
And there will be more fuel for the debate on the economy this morning when the latest unemployment figures are released. The rate is expected to rise a tenth of a percentage point to 6.2 percent.
CNN's Jennifer Coggiola joins us live from Washington with some perspective.
Good morning -- Jennifer.
JENNIFER COGGIOLA, CNN CORRESPONDENT: Good morning to you, Carol.
Well, what is different this time around is that there was a new study that came out earlier this week, on Tuesday, that really helps put the job market in perspective, basically trying to explain whether we're in a weak job market like we are now because of layoffs, or because of companies' unwillingness to hire.
(BEGIN VIDEOTAPE)
COGGIOLA (voice-over): From the Bureau of Labor Statistics, a revealing glimpse into the nation's long job slump. As unemployment continued to grow last month, the number of jobs eliminated fell. But what's significant about the new data is it shows the number of jobs that businesses created in 2002 dropped to its lowest level in eight years.
So, in a nutshell, it's a lack of hiring, not a wave of firing that appears to be the big problem affecting the American economy, leaving us in neutral. UNIDENTIFIED MALE: We're not creating enough jobs to absorb new workers -- the new college grads, the new high school grads -- let alone enough that we can get people who are unemployed jobs.
COGGIOLA: Even new medical and law school graduates aren't getting hired, because employers are overwhelmed with applications.
So, what does this mean heading into an election year? Well, a lot of finger pointing.
UNIDENTIFIED MALE: I think the Bush administration has already shot all of its bullets in terms of what it can do to shape the economy between now and the end of 2004.
SEN. GEORGE ALLEN (R), VIRGINIA: Look at the Democrats. What do you get? Nothing positive. You get negativity. Ours is a plan to create jobs. It's positive for looking.
(END VIDEOTAPE)
COGGIOLA: Another thing that this survey shows that could explain why polls right now are showing that Americans are upbeat about the economy is that the absence of new jobs mean that conditions are bleak for those entering the workforce, but the drop in layoffs is helping a lot of people already with jobs and sparing them that financial and the emotional pain of losing their jobs, especially with the holidays right around the corner -- Carol.
COSTELLO: Oh, you're not kidding. Jennifer Coggiola reporting live from Washington this morning.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
Aired October 3, 2003 - 06:36 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: There's a new poll looking at how President Bush is doing. According to the CBS News/"New York Times" poll, it's not too good -- it's not good news for President Bush, I should say.
Fifty-one percent of respondents approve of the job he's doing. That compares to 50 percent in August of 2001. After 9/11, it soared to 89 percent.
Asked if the war in Iraq was worth it, 53 percent responded no.
When asked about the president's decisions regarding the economy, 40 percent say they have confidence in his decisions compared to 54 percent in April. Fifty-six percent say they don't have confidence in his economic decisions.
And there will be more fuel for the debate on the economy this morning when the latest unemployment figures are released. The rate is expected to rise a tenth of a percentage point to 6.2 percent.
CNN's Jennifer Coggiola joins us live from Washington with some perspective.
Good morning -- Jennifer.
JENNIFER COGGIOLA, CNN CORRESPONDENT: Good morning to you, Carol.
Well, what is different this time around is that there was a new study that came out earlier this week, on Tuesday, that really helps put the job market in perspective, basically trying to explain whether we're in a weak job market like we are now because of layoffs, or because of companies' unwillingness to hire.
(BEGIN VIDEOTAPE)
COGGIOLA (voice-over): From the Bureau of Labor Statistics, a revealing glimpse into the nation's long job slump. As unemployment continued to grow last month, the number of jobs eliminated fell. But what's significant about the new data is it shows the number of jobs that businesses created in 2002 dropped to its lowest level in eight years.
So, in a nutshell, it's a lack of hiring, not a wave of firing that appears to be the big problem affecting the American economy, leaving us in neutral. UNIDENTIFIED MALE: We're not creating enough jobs to absorb new workers -- the new college grads, the new high school grads -- let alone enough that we can get people who are unemployed jobs.
COGGIOLA: Even new medical and law school graduates aren't getting hired, because employers are overwhelmed with applications.
So, what does this mean heading into an election year? Well, a lot of finger pointing.
UNIDENTIFIED MALE: I think the Bush administration has already shot all of its bullets in terms of what it can do to shape the economy between now and the end of 2004.
SEN. GEORGE ALLEN (R), VIRGINIA: Look at the Democrats. What do you get? Nothing positive. You get negativity. Ours is a plan to create jobs. It's positive for looking.
(END VIDEOTAPE)
COGGIOLA: Another thing that this survey shows that could explain why polls right now are showing that Americans are upbeat about the economy is that the absence of new jobs mean that conditions are bleak for those entering the workforce, but the drop in layoffs is helping a lot of people already with jobs and sparing them that financial and the emotional pain of losing their jobs, especially with the holidays right around the corner -- Carol.
COSTELLO: Oh, you're not kidding. Jennifer Coggiola reporting live from Washington this morning.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.
