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Jobless Rate Highest Since 1994
Aired June 17, 2003 - 15:16 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.
JUDY WOODRUFF, CNN ANCHOR: While President Bush was out talking about jobs today, many Americans were hitting the pavement trying to find work. Our Bruce Morton looks at the unemployment problem and the possible fallout for the president.
(BEGIN VIDEOTAPE)
BRUCE MORTON, CNN CORRESPONDENT (voice-over): The unemployment rate is 6.1 percent, the highest since 1994. The economy has lost 2.1 million jobs since employment peaked in February 2001. The Labor Department says nine million Americans are out of work, not counting the ones who quit looking for work.
UNIDENTIFIED FEMALE: You have to talk to people in a company organization. And if you have contracts, that's usually the best way to do it. But it's been really tough for me. I mean my parents are not very happy with what the situation is.
MORTON: It's hard for graduates. One survey shows that in 2001 only 23 percent of college students thought they'd graduate without a job offer. This year it's 53 percent. And the Bureau of Labor Statistics says 1.4 million people between 20 and 24 are out of work.
UNIDENTIFIED MALE: The percentage of college people graduating who are getting jobs is much lower than before. Salaries are much lower. The world's changed considerably.
MORTON: Sixty percent of the people in am April Gallup poll said they knew someone was laid off or fired; the highest number since 1994. Seventy-five percent think it's a bad time to be looking for work, though that number has been high for the last couple of years.
Is this an issue that could hurt this president? That may depend more on how people feel about the economy than the actual numbers.
STUART ROTHENBERG, ROTHENBERG POLITICIAN REPORT: The employment number might continue to inch up over the next few months. But if by the middle of 2004 there is a sense that the economy has turned it around or the president has helped turn it around, then the actual number itself might not be as damaging as the Democrats might be hoping.
MORTON: Mr. Bush need voters like this man.
UNIDENTIFIED MALE: The economy is turning around anyway. It's on an upswing now. So jobs will be found relatively quicker. MORTON: Perceptions won't matter. For now, it's a worry for the White House, but there's time to fix it.
Bruce Morton, CNN, Washington.
(END VIDEOTAPE)
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 June 17, 2003 - 15:16 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
JUDY WOODRUFF, CNN ANCHOR: While President Bush was out talking about jobs today, many Americans were hitting the pavement trying to find work. Our Bruce Morton looks at the unemployment problem and the possible fallout for the president.
(BEGIN VIDEOTAPE)
BRUCE MORTON, CNN CORRESPONDENT (voice-over): The unemployment rate is 6.1 percent, the highest since 1994. The economy has lost 2.1 million jobs since employment peaked in February 2001. The Labor Department says nine million Americans are out of work, not counting the ones who quit looking for work.
UNIDENTIFIED FEMALE: You have to talk to people in a company organization. And if you have contracts, that's usually the best way to do it. But it's been really tough for me. I mean my parents are not very happy with what the situation is.
MORTON: It's hard for graduates. One survey shows that in 2001 only 23 percent of college students thought they'd graduate without a job offer. This year it's 53 percent. And the Bureau of Labor Statistics says 1.4 million people between 20 and 24 are out of work.
UNIDENTIFIED MALE: The percentage of college people graduating who are getting jobs is much lower than before. Salaries are much lower. The world's changed considerably.
MORTON: Sixty percent of the people in am April Gallup poll said they knew someone was laid off or fired; the highest number since 1994. Seventy-five percent think it's a bad time to be looking for work, though that number has been high for the last couple of years.
Is this an issue that could hurt this president? That may depend more on how people feel about the economy than the actual numbers.
STUART ROTHENBERG, ROTHENBERG POLITICIAN REPORT: The employment number might continue to inch up over the next few months. But if by the middle of 2004 there is a sense that the economy has turned it around or the president has helped turn it around, then the actual number itself might not be as damaging as the Democrats might be hoping.
MORTON: Mr. Bush need voters like this man.
UNIDENTIFIED MALE: The economy is turning around anyway. It's on an upswing now. So jobs will be found relatively quicker. MORTON: Perceptions won't matter. For now, it's a worry for the White House, but there's time to fix it.
Bruce Morton, CNN, Washington.
(END VIDEOTAPE)
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
