ABC News’ Matt Jaffe and Karen Travers report:
Usually the Obama administration downplays expectations for job growth, but apparently Vice President Joe Biden didn’t get the memo – or he did, but just blew it off.
“Some time in the next couple of months we’re going to be creating between 250,000 jobs a month and 500,000 jobs a month,” Biden said at a fundraiser today in Pittsburgh.
Next month, Biden predicted, the nation’s employers will add between 100,000 to 200,000 jobs to their payrolls.
If employers were to increase their payrolls by half a million jobs at some point in the next few months, that would mark a massive turnaround for a country that was hemorrhaging hundreds of thousands of jobs a month just one year ago. But with the big boost expected from the government’s 2010 census, on top of an improving employment picture as evidenced by the 162,000 jobs created in March, such future job growth is a distinct possibility, analysts say.
“Given what the census did ten years ago we should get at least 100,000 additional census jobs in April and at least 300,000 census jobs in May,” said Mark Zandi, chief economist at Moody’s.com. “Of course, those temporary jobs go away, so there will be a very significant drag on employment in the summer. June, July, August, September will see much weaker job numbers.”
The administration’s own forecast projects that the labor market will add about 100,000 jobs a month for the rest of the year, then around 200,000 jobs a month next year, and 250,000 jobs a month in 2012.
Biden noted today that in the past he “got in trouble” for making predictions about job creation, but clearly that did not stop him from delivering his bold new projections.
“We caught a lot of bad breaks on the way down,” Biden said. “We’re going to catch a few good breaks because of good planning on the way up.”
- Matt Jaffe &Karen Travers