Former Obama advisor: Monthly jobs report ‘a punch to the gut’

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A former Obama administration economic advisor said on CNBC that the monthly jobs report is a “punch to the gut.”

The Labor Department released the monthly jobs report Friday morning and it wasn’t good news. Although the unemployment rate slipped a tenth to 7.6 percent, the reason for the drop was that nearly 500,000 people dropped out of the labor market. A half-million people called it quits.

Economist Austan Goolsbee was on CNBC Friday morning at 8:30 A.M. when the monthly jobs report was released.

After the report was read, Goolsbee gave his assessment.

“We all overshot. This is a punch to the gut. These are not good numbers,” he said, according to CNBC.

Goolsbee is a professor of economics at the University of Chicago and served as the Chairman of the Council of Economic Advisors and was the youngest member of President Obama’s cabinet.

The markets reacted strongly to the report.

“The Dow Jones industrial average, the Standard & Poor’s 500 index and the Nasdaq 100 composite index were trading sharply lower after the Labor Department’s monthly employment report was released,” wrote USA Today’s Adam Shell.

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