The Obama administration is spinning this morning's bad unemployment numbers with the following statement from Alan B. Krueger, the Chairman of the Council of Economic Advisers.
"Today we learned that the economy has added private sector jobs for 27 straight months, for a total of 4.3 million payroll jobs over that period. The economy is growing but it is not growing fast enough." he writes, emphazing areas in the economy that continue to grow.
"As the Administration stresses every month, the monthly employment and unemployment figures can be volatile, and employment estimates can be subject to substantial revision," he cautioned. "Therefore, it is important not to read too much into any one monthly report and it is helpful to consider each report in the context of other data that are becoming available."
Krueger further noted that "the crisis in Europe and a spike in gas prices that hit American families’ finances over the past months" were also to blame for the weak numbers.
"It is critical that we continue the President’s economic policies that are helping us dig our way out of the deep hole that was caused by the severe recession," he added.
According to the Bureau of Labor Statistics, unemployment went up to 8.1 percent in April and only 69,000 jobs were created.