The White House Blog: Economy

The President’s Blueprint for Building a 21st Century Immigration System

Editor's Note: Join the conversation to fix the immigration system for America's 21st century economy.

Today, the President travels to El Paso, Texas – a historic, thriving and diverse border community – to discuss his commitment to fixing our broken immigration system and the importance of building a new one for the 21st century. He believes we need to reform our immigration laws so that they address our economic and security needs while also honoring our history as a nation of immigrants and a nation of laws. 

Over the last several weeks, the President has met with and heard from leaders and stakeholders from a variety of sectors, including faith, business and law enforcement officials, as well as current and former elected officials and others. Like many Americans, these leaders know that the generations of immigrants who have braved hardship and great risk to reach our shores have made America what it is today – a strong and prosperous nation, engine of the global economy and a beacon of hope around the world.

We have already made significant progress securing the borders, enforcing the law, and improving the legal immigration system. Over the last two years, the Obama Administration has dedicated unprecedented resources to these efforts. There are more boots on the ground on the Southwest border than at any time in our history. The buildup began under the previous administration, and has continued. We have also tripled the number of intelligence analysts, deployed unmanned aerial surveillance vehicles, and nearly completed the fence that was demanded back in 2007. These efforts have helped to make our country more secure. But we cannot solve the problems of our broken immigration system through enforcement alone.

Calling All Questions: CBS Town Hall on the Economy with President Obama

On Wednesday, CBS News will conduct a special town hall on the economy with President Obama.  CBS News Chief Washington Correspondent Bob Schieffer and The Early Show Co-Anchor Erica Hill will join the President before a live audience at the Newseum in Washington, DC. 

Submit your questions for the President in any of the following ways: 
(CBS asks that you include your age, hometown and occupation with your question).

• Email
• Facebook
• Twitter with hashtag #CBSTownHall
• YouTube

On Thursday, tune in to watch the Town Hall on The Early Show during the 8:00 - 9:00am hour.

Weekly Address: Clean Energy to Out-Innovate the Rest of the World

Speaking from a hybrid vehicle transmission company in Indiana, the President explains how investments in a clean energy economy are the only solution to high gas prices in the long term.

Transcript | Download mp4 | Download mp3

Check out an infographic below on the President's approach to gas prices, or download the full size version.

Download Full Size.

The Employment Situation in April

Today’s employment report shows that private sector payrolls increased by 268,000 in April, the strongest monthly growth in five years. The economy has added 2.1 million private sector jobs over 14 consecutive months, including more than 800,000 jobs since the beginning of the year. The unemployment rate rose to 9.0 percent, but remains 0.8 percentage point below its November level.

Despite headwinds from high energy prices and disruptions from the disaster in Japan, the last three months of private job gains have been the strongest in five years.While the solid pace of employment growth in recent months is encouraging, faster growth is needed to replace the jobs lost in the downturn. We are seeing signs that the initiatives put in place by this Administration – such as the payroll tax cut and business incentives for investment – are creating the conditions for companies to add new jobs and foster the industries of the future. We will continue to work with Congress to find ways to reduce spending, so that we can live within our means without neglecting the investments in education, infrastructure, and clean energy that will strengthen our economy.

In addition to the increases last month, payroll survey estimates of private sector job growth for February (now +261,000) and March (now +231,000) were revised up. Overall payroll employment rose by 244,000 in April, well above market expectations. Payroll employment grew in almost every sector. Solid employment increases occurred in retail trade (+57,100), professional and business services (+51,000), education and health services (+49,000), leisure and hospitality (+46,000), and manufacturing (+29,000). Manufacturing has added 244,000 jobs in the last 14 months, the best period of manufacturing job growth in 13 years. State and local government experienced a decline of 22,000; this sector has shed 289,000 jobs in the past 14 months, mostly in local government.

The unemployment reading in April showed a partial reversal of the 1.0 percentage point decline over the previous four months. Employment measured in the household survey dipped in April and the labor force participation rate was unchanged. The unemployment rate data derive from a separate household survey.  The payroll and household surveys can differ on a monthly basis; the household survey is more volatile, but the two surveys typically show similar long-run trends in employment.

The overall trajectory of the economy has improved dramatically over the past two years, but there will surely be bumps in the road ahead.  The monthly employment and unemployment numbers are volatile and employment estimates are subject to substantial revision.  Therefore, as the Administration always stresses, it is important not to read too much into any one monthly report.

Austan Goolsbee is Chairman of the Council of Economic Advisers